View Filing Data

$ 1,072

Total cash, cash equivalents, restricted cash and restricted cash equivalents

$ 283

432

1,410

1,504

1,587

1,365

902

687

Revenue earning vehicles:

Less: accumulated depreciation

15,703

14,574

(3,284)

(3,238)

Total revenue earning vehicles, net

12,419

11,336

778

840

3,203

3,242

1,083

1,084

^[1]

21,382

20,058

988

946

1,304

920

136

160

16,324

14,865

418

427

1,092

1,220

Commitments and contingencies

^[1]

20,262

18,538

Preferred stock, $0.01 par value, no shares issued and outstanding

Common stock, $0.01 par value, 86 and 86 shares issued, respectively and 84 and 84 shares outstanding, respectively

2,261

2,243

(909)

(506)

Treasury stock, at cost, 2 shares and 2 shares, respectively

(192)

(118)

(100)

1,061

1,520

Total stockholders' equity

1,120

1,520

21,382

20,058

VIE, total assets

946

524

VIE, total liabilities

946

524

ASSETS

257

386

625

531

284

294

Non-Vehicle Related Service

11,902

10,431

ASSETS

962

834

704

652

4,422

4,434

ASSETS

1,127

1,072

Total cash, cash equivalents, restricted cash and restricted cash equivalents

283

432

1,410

1,504

1,587

1,365

902

687

Revenue earning vehicles:

Less: accumulated depreciation

15,703

14,574

(3,284)

(3,238)

Total revenue earning vehicles, net

12,419

11,336

778

840

3,203

3,242

1,083

1,084

^[2]

21,382

20,058

988

946

1,304

920

136

160

16,324

14,865

418

427

1,094

1,220

Commitments and contingencies

^[2]

20,264

18,538

Common stock, $0.01 par value, 86 and 86 shares issued, respectively and 84 and 84 shares outstanding, respectively

3,187

3,166

Due from affiliate

(1,884)

(1,486)

(192)

(118)

1,059

1,520

Total stockholders' equity

1,118

1,520

The Hertz Corporation | Vehicles

21,382

20,058

VIE, total assets

1,000

524

VIE, total liabilities

947

524

ASSETS

257

386

625

531

284

294

The Hertz Corporation | Non-Vehicle Related Service

11,902

10,431

ASSETS

962

834

704

652

Significant Accounting Policies

$ 4,422

$ 4,434

[1]

Hertz Global Holdings, Inc.'s consolidated total assets as of December 31, 2018 and December 31, 2017 include total assets of variable interest entities (“VIEs”) of $1.0 billion and $524 million, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of December 31, 2018 and December 31, 2017 include total liabilities of VIEs of $947 million and $524 million, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Special Purpose Entities" in Note 7, "Debt" and "Other Relationships" in Note 17, "Related Party Transactions" for further information.

[2]

The Hertz Corporation's consolidated total assets as of December 31, 2018 and December 31, 2017 include total assets of variable interest entities (“VIEs”) of $1.0 billion and $524 million, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of December 31, 2018 and December 31, 2017 include total liabilities of VIEs of $947 million and $524 million, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Special Purpose Entities" in Note 7, "Debt" and "Other Relationships" in Note 17, "Related Party Transactions" for further information.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Receivables, allowance for doubtful accounts (in dollars)	$ 27	$ 33
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares issued	86,000,000	86,000,000
Common Stock, shares outstanding	84,000,000	84,000,000
Treasury stock, shares	2,000,000	2,000,000
The Hertz Corporation
Receivables, allowance for doubtful accounts (in dollars)	$ 27	$ 33
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized	3,000	3,000
Common Stock, shares issued	100	100
Common Stock, shares outstanding	100	100

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Worldwide vehicle rental	$ 8,756	$ 8,163	$ 8,211
All other operations	748	640	592
Total revenues	9,504	8,803	8,803
Expenses:
Direct vehicle and operating	5,355	4,958	4,932
Depreciation of revenue earning vehicles and lease charges, net	2,690	2,798	2,601
Selling, general and administrative	1,017	880	899
Interest expense, net:
Vehicle	448	331	280
Non-vehicle	291	306	344
Total interest expense, net	739	637	624
Goodwill and intangible asset impairments	0	86	292
Other (income) expense, net	(40)	19	(75)
Total expenses	9,761	9,378	9,273
Income (loss) from continuing operations before income taxes	(257)	(575)	(470)
Income tax (provision) benefit	30	902	(4)
Net income (loss) from continuing operations	(227)	327	(474)
Net income (loss) from discontinued operations	0	0	(17)
Net income (loss)	(227)	327	(491)
Net (income) loss attributable to noncontrolling interests	2	0	0
Net income (loss) attributable to Hertz Global	$ (225)	$ 327	$ (491)
Weighted average shares outstanding:
Basic (in shares)	84	83	84
Diluted (in shares)	84	83	84
Earnings (loss) per share:
Basic earnings (loss) per share from continuing operations (in dollars per share)	$ (2.68)	$ 3.94	$ (5.65)
Diluted earnings (loss) per share from continuing operations (in dollars per share)	(2.68)	3.94	(5.65)
Basic earnings (loss) per share (in dollars per share)	(2.68)	3.94	(5.85)
Diluted earnings (loss) per share (in dollars per share)	$ (2.68)	$ 3.94	$ (5.85)
The Hertz Corporation
Revenues:
Worldwide vehicle rental	$ 8,756	$ 8,163	$ 8,211
All other operations	748	640	592
Total revenues	9,504	8,803	8,803
Expenses:
Direct vehicle and operating	5,355	4,958	4,932
Depreciation of revenue earning vehicles and lease charges, net	2,690	2,798	2,601
Selling, general and administrative	1,017	880	899
Interest expense, net:
Vehicle	448	331	280
Non-vehicle	284	301	343
Total interest expense, net	732	632	623
Goodwill and intangible asset impairments	0	86	292
Other (income) expense, net	(40)	19	(75)
Total expenses	9,754	9,373	9,272
Income (loss) from continuing operations before income taxes	(250)	(570)	(469)
Income tax (provision) benefit	28	902	(4)
Net income (loss) from continuing operations	(222)	332	(473)
Net income (loss) from discontinued operations	0	0	(15)
Net income (loss)	(222)	332	(488)
Net (income) loss attributable to noncontrolling interests	2	0	0
Net income (loss) attributable to Hertz Global	(220)	332	(488)
Retained Earnings [Member]
Interest expense, net:
Net income (loss)	(225)	327	(491)
Net income (loss) attributable to Hertz Global	(225)
Retained Earnings [Member] \| The Hertz Corporation
Interest expense, net:
Net income (loss)	$ (220)	$ 332	$ (488)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net income (loss)	$ (227)	$ 327	$ (491)
Other comprehensive income (loss):
Foreign currency translation adjustments	(34)	14	(16)
Unrealized holding gains (losses) on securities	0	0	12
Reclassification of realized gain on securities to other (income) expense	0	(3)	(9)
Reclassification of foreign currency items to other (income) expense, net	(1)	8	0
Net gain (loss) on defined benefit pension plans	(44)	40	(30)
Reclassification from other comprehensive income (loss) to selling, general and administrative expense for amortization of actuarial (gains) losses on defined benefit pension plans	0	6	11
Reclassification from other comprehensive income (loss) to other (income) expense for amortization of actuarial (gains) losses on defined benefit pension plans	5	0	0
Total other comprehensive income (loss) before income taxes	(74)	65	(32)
Income tax (provision) benefit related to net gains and losses on defined benefit pension plans	12	(10)	7
Income tax (provision) benefit related to reclassified amounts of net periodic costs on defined benefit pension plans	(1)	(2)	(4)
Total other comprehensive income (loss)	(63)	53	(29)
Total comprehensive income (loss)	(290)	380	(520)
Comprehensive (income) loss attributable to noncontrolling interests	2	0	0
Comprehensive income (loss) attributable to Hertz Global	(288)	380	(520)
The Hertz Corporation
Net income (loss)	(222)	332	(488)
Other comprehensive income (loss):
Foreign currency translation adjustments	(34)	14	(16)
Unrealized holding gains (losses) on securities	0	0	12
Reclassification of realized gain on securities to other (income) expense	0	(3)	(9)
Reclassification of foreign currency items to other (income) expense, net	(1)	8	0
Net gain (loss) on defined benefit pension plans	(44)	40	(30)
Reclassification from other comprehensive income (loss) to selling, general and administrative expense for amortization of actuarial (gains) losses on defined benefit pension plans	0	6	11
Reclassification from other comprehensive income (loss) to other (income) expense for amortization of actuarial (gains) losses on defined benefit pension plans	5	0	0
Total other comprehensive income (loss) before income taxes	(74)	65	(32)
Income tax (provision) benefit related to net gains and losses on defined benefit pension plans	12	(10)	7
Income tax (provision) benefit related to reclassified amounts of net periodic costs on defined benefit pension plans	(1)	(2)	(4)
Total other comprehensive income (loss)	(63)	53	(29)
Total comprehensive income (loss)	(285)	385	(517)
Comprehensive (income) loss attributable to noncontrolling interests	2	0	0
Comprehensive income (loss) attributable to Hertz Global	$ (283)	$ 385	$ (517)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	The Hertz Corporation	Stockholders' Equity Attributable to Hertz Global	Stockholders' Equity Attributable to Hertz Global The Hertz Corporation	Preferred Stock	Common Stock Shares	Common Stock Shares The Hertz Corporation	Additional Paid-In Capital	Additional Paid-In Capital The Hertz Corporation	Due From Affiliate The Hertz Corporation	Accumulated Deficit	Accumulated Deficit The Hertz Corporation	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The Hertz Corporation	Treasury Stock	Non- controlling Interests	Non- controlling Interests The Hertz Corporation
Beginning Balance at Dec. 31, 2015	$ 2,019	$ 1,948	$ 2,019	$ 1,948	$ 0	$ 4	$ 0	$ 3,343	$ 3,583	$ (345)	$ (391)	$ (1,045)	$ (245)	$ (245)	$ (692)	$ 0
Beginning Balance (Shares) at Dec. 31, 2015						423,000,000	100								41,000,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(491)	(488)	(491)	(488)							(491)	(488)
Other comprehensive income (loss)	(29)	(29)	(29)	(29)									(29)	(29)
Due from affiliate		(26)		(26)						(26)
Dividends paid to Old Hertz Holdings		0								334		(334)
Net settlement on vesting of restricted stock	(2)		(2)					(2)
Share repurchase (Shares)						(2,000,000)									(2,000,000)
Stock-based compensation charges	14	14	14	14				14	14
Exercise of stock options (Shares)						1,000,000
Exercise of stock options	10		10					10
Share repurchase	(100)		(100)												$ (100)
Capital effect of spin-off (Shares)						(339,000,000)									(41,000,000)
Common shares issued to Directors	1	1	1	1				1	1
Capital effect of Spin-Off						$ (3)		(689)							$ 692
Distribution of Herc Holdings, Inc.	(347)	(345)	(347)	(345)				(450)	(448)				103	103
Ending Balance (Shares) at Dec. 31, 2016						83,000,000	100								2,000,000
Ending Balance at Dec. 31, 2016	1,075	1,075	1,075	1,075	0	$ 1	$ 0	2,227	3,150	(37)	(882)	(1,867)	(171)	(171)	$ (100)	0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	327	332	327	332							327	332
Other comprehensive income (loss)	53	53	53	53									53	53
Due from affiliate		(5)		(5)						(5)
Stock-based compensation charges	13	13	13	13				13	13
Issuance of restricted stock						1,000,000
Distribution of Herc Holdings, Inc.		3		3					3					0
Contributions from noncontrolling interests	3		3					3
Ending Balance (Shares) at Dec. 31, 2017						84,000,000	100								2,000,000
Ending Balance at Dec. 31, 2017	1,520	1,520	1,520	1,520	0	$ 1	$ 0	2,243	3,166	(42)	(506)	(1,486)	(118)	(118)	$ (100)	0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(227)	(222)	(225)	(220)							(225)	(220)				(2)	$ (2)
Other comprehensive income (loss)	(63)	(63)	(63)	(63)									(63)
Stock Issued During Period, Value, Restricted Stock Award, Gross	(3)		(3)					(3)
Due from affiliate		(10)		(10)						(10)
Stock-based compensation charges	21	21	21	21				21	21
Distribution of Herc Holdings, Inc.		61							0							61
Reclassification of income tax effects resulting from the Tax Cuts and Jobs Act											11	11	(11)	(11)
Contributions from noncontrolling interests	61															61
Ending Balance (Shares) at Dec. 31, 2018						84,000,000	100								2,000,000
Ending Balance at Dec. 31, 2018	$ 1,120	$ 1,118	$ 1,061	$ 1,059	$ 0	$ 1	$ 0	$ 2,261	$ 3,187	$ (52)	$ (909)	$ (1,884)	$ (192)	$ (192)	$ (100)	$ 59

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ (227)	$ 327	$ (491)
Net income (loss) from discontinued operations	0	0	(17)
Net income (loss) from continuing operations	(227)	327	(474)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation of revenue earning vehicles, net	2,546	2,722	2,531
Depreciation and amortization, non-vehicle	218	240	265
Amortization of deferred financing costs and debt discount (premium)	50	46	48
Loss on extinguishment of debt	22	13	55
Stock-based compensation charges	14	19	13
Provision for receivables allowance	35	33	51
Deferred income taxes, net	(66)	(922)	(78)
Impairment charges and asset write-downs	0	116	340
(Gain) loss on marketable securities	(20)	(3)	(84)
Other	6	(7)	8
Changes in assets and liabilities:
Non-vehicle receivables	(136)	(75)	(174)
Prepaid expenses and other assets	(23)	(22)	(31)
Non-vehicle accounts payable	70	20	31
Accrued liabilities	75	(86)	(40)
Accrued taxes, net	(8)	(23)	38
Public liability and property damage	0	(4)	30
Net cash provided by (used in) operating activities	2,556	2,394	2,529
Cash flows from investing activities:
Revenue earning vehicles expenditures	(12,493)	(10,596)	(10,872)
Proceeds from disposal of revenue earning vehicles	8,452	7,653	8,679
Capital asset expenditures, non-vehicle	(177)	(173)	(134)
Proceeds from property and other equipment disposed of or to be disposed of	51	21	59
Proceeds from sale of Brazil Operations, net of retained cash	0	94	0
Acquisitions, net of cash acquired	(2)	(15)	(2)
Purchases of marketable securities	(60)	0	0
Sales of marketable securities	36	9	267
Return of (investment in) equity investment	0	7	(45)
Other	(4)	0	0
Net cash provided by (used in) investing activities	(4,197)	(3,000)	(2,048)
Cash flows from financing activities:
Purchase of treasury shares	0	0	(100)
Payment of financing costs	(47)	(59)	(75)
Early redemption premium payment	(19)	(5)	(27)
Transfers from discontinued entities	0	0	2,122
Contributions from noncontrolling interests	60	0	0
Other	(2)	0	12
Net cash provided by (used in) financing activities	1,561	988	(183)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations	(14)	28	(11)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period from continuing operations	(94)	410	287
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	1,504	1,094	807
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	1,410	1,504	1,094
Cash flows from discontinued operations:
Cash flows provided by (used in) operating activities	0	0	205
Cash flows provided by (used in) investing activities	0	0	(77)
Cash flows provided by (used in) financing activities	0	0	(97)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations	0	0	31
Cash paid during the period for:
Income taxes, net of refunds	26	54	57
Supplemental disclosures of non-cash information for continuing operations:
Purchases of revenue earning vehicles included in accounts payable and accrued liabilities, net of incentives	169	194	185
Sales of revenue earning vehicles included in receivables	510	431	473
Sales of property and other equipment included in receivables	75	0	0
Purchases of non-vehicle capital assets included in accounts payable	42	65	20
Revenue earning vehicles and non-vehicle capital assets acquired through capital lease	21	35	22
Receivable on sale of Brazil Operations	0	13	0
The Hertz Corporation
Cash flows from operating activities:
Net income (loss)	(222)	332	(488)
Net income (loss) from discontinued operations	0	0	(15)
Net income (loss) from continuing operations	(222)	332	(473)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation of revenue earning vehicles, net	2,546	2,722	2,531
Depreciation and amortization, non-vehicle	218	240	265
Amortization of deferred financing costs and debt discount (premium)	50	46	48
Loss on extinguishment of debt	22	13	55
Stock-based compensation charges	14	19	13
Provision for receivables allowance	35	33	51
Deferred income taxes, net	(64)	(922)	(78)
Impairment charges and asset write-downs	0	116	340
(Gain) loss on marketable securities		(3)	(84)
Other	6	(6)	8
Changes in assets and liabilities:
Non-vehicle receivables	(136)	(75)	(174)
Prepaid expenses and other assets	(23)	(22)	(31)
Non-vehicle accounts payable	70	20	31
Accrued liabilities	75	(86)	(40)
Accrued taxes, net	(8)	(24)	38
Public liability and property damage	0	(4)	30
Net cash provided by (used in) operating activities	2,563	2,399	2,530
Cash flows from investing activities:
Revenue earning vehicles expenditures	(12,493)		(10,872)
Proceeds from disposal of revenue earning vehicles	8,452	7,653	8,679
Capital asset expenditures, non-vehicle	(177)	(173)	(134)
Proceeds from property and other equipment disposed of or to be disposed of	51	21	59
Proceeds from sale of Brazil Operations, net of retained cash	0	94	0
Acquisitions, net of cash acquired	(2)	(15)	(2)
Purchases of marketable securities	(60)
Sales of marketable securities	36	9	267
Return of (investment in) equity investment	0	7	(45)
Other	(4)	0	0
Net cash provided by (used in) investing activities	(4,197)	(3,000)	(2,048)
Cash flows from financing activities:
Payment of financing costs	(47)	(59)
Early redemption premium payment	(19)	(5)	(27)
Transfers from discontinued entities	0	0	2,122
Contributions from noncontrolling interests	60
Advances to Hertz Global/Old Hertz Holdings	(9)	(6)	(102)
Other	0	1	13
Net cash provided by (used in) financing activities	1,554	983	(184)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations	(14)	28	(11)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period from continuing operations	(94)	410	287
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	1,504	1,094	807
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	1,410	1,504	1,094
Cash flows from discontinued operations:
Cash flows provided by (used in) operating activities	0	0	207
Cash flows provided by (used in) investing activities	0	0	(77)
Cash flows provided by (used in) financing activities	0	0	(94)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations	0	0	36
Cash paid during the period for:
Income taxes, net of refunds	26	54	57
Supplemental disclosures of non-cash information for continuing operations:
Purchases of revenue earning vehicles included in accounts payable and accrued liabilities, net of incentives	169	194	185
Sales of revenue earning vehicles included in receivables	510	431	473
Purchases of non-vehicle capital assets included in accounts payable	42	65	20
Revenue earning vehicles and non-vehicle capital assets acquired through capital lease	21	35	22
Receivable on sale of Brazil Operations	0	13	0
Non-cash dividend paid to affiliate	0	0	334
Vehicles
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Loss on extinguishment of debt	22	0	6
Cash flows from financing activities:
Proceeds from issuance of debt	14,009	10,756	9,692
Repayments of debt	(12,426)	(10,244)	(9,748)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period from continuing operations		0	0
Cash paid during the period for:
Interest, net of amounts capitalized:	379	291	235
Vehicles \| The Hertz Corporation
Cash flows from financing activities:
Proceeds from issuance of debt	14,009	10,756	9,692
Repayments of debt	(12,426)	(10,244)	(9,748)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period from continuing operations		0	0
Cash paid during the period for:
Interest, net of amounts capitalized:	379	291	235
Non-Vehicle Related Service
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Loss on extinguishment of debt	0	13	49
Cash flows from financing activities:
Proceeds from issuance of debt	557	2,100	2,592
Repayments of debt	(571)	(1,560)	(4,651)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period from continuing operations			0
Cash paid during the period for:
Interest, net of amounts capitalized:	286	291	292
Non-Vehicle Related Service \| The Hertz Corporation
Cash flows from investing activities:
Revenue earning vehicles expenditures		(10,596)
Cash flows from financing activities:
Proceeds from issuance of debt	557	2,100	2,592
Repayments of debt	(571)	(1,560)	(4,651)
Payment of financing costs			(75)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period from continuing operations			0
Cash paid during the period for:
Interest, net of amounts capitalized:	$ 286	$ 291	$ 292

Background	12 Months Ended
Background	Dec. 31, 2018
Background Disclosure [Abstract]
Background	Background Hertz Global Holdings, Inc. ("Hertz Global" when including its subsidiaries and VIEs and "Hertz Holdings" excluding its subsidiaries and VIEs) was incorporated in Delaware in 2015 to serve as the top-level holding company for Rental Car Intermediate Holdings, LLC, which wholly owns The Hertz Corporation ("Hertz" and interchangeably with Hertz Global, the "Company"), Hertz Global's primary operating company. Hertz was incorporated in Delaware in 1967 and is a successor to corporations that have been engaged in the vehicle rental and leasing business since 1918. Hertz operates its vehicle rental business globally primarily through the Hertz, Dollar and Thrifty brands from company-owned, licensee and franchisee locations in the U.S., Africa, Asia, Australia, Canada, the Caribbean, Europe, Latin America, the Middle East and New Zealand. Through its Donlen subsidiary, Hertz provides vehicle leasing and fleet management services. On June 30, 2016, former Hertz Global Holdings, Inc. (for periods on or prior to June 30, 2016, “Old Hertz Holdings” and for periods after June 30, 2016, “Herc Holdings”) completed a spin-off (the “Spin-Off”) of its global vehicle rental business through a dividend to stockholders of record of Old Hertz Holdings as of the close of business on June 22, 2016, the record date for the distribution, of all of the issued and outstanding common stock of Hertz Rental Car Holding Company, Inc. (“New Hertz”), which was re-named Hertz Global Holdings, Inc. in connection with the Spin-Off, on a one-to-five basis. Hertz Global is an independent public company and trades on the New York Stock Exchange under the symbol "HTZ". Despite the fact that this was a reverse spin off and Hertz Global was spun off from Old Hertz Holdings and was the legal spinnee in the transaction, for accounting purposes, due to the relative significance of New Hertz to Old Hertz Holdings, Hertz Global is considered the spinnor or divesting entity and Herc Holdings is considered the spinnee or divested entity. As a result, New Hertz, or Hertz Global, is the “accounting successor” to Old Hertz Holdings. As such, the 2016 financial information of Hertz reflects the equipment rental business as a discontinued operation and the 2016 financial information of Hertz Global reflects the equipment rental business and certain parent legal entities as discontinued operations. See Note 3, "Discontinued Operations," for additional information. Unless noted otherwise, information disclosed for 2016 in these notes to the consolidated financial statements pertain to the continuing operations of Hertz and Hertz Global.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Accounting Policies [Abstract]

Income Taxes

The Company recognized the effects of income tax reform, the TCJA, when enacted in its 2017 financial statements in accordance with Staff Accounting Bulletin No. 118 ("SAB 118"), which provides SEC staff guidance for the application of Topic 740, Income Taxes, in the reporting period in which the TCJA was signed into law.

The TCJA lowered the U.S. statutory corporate tax rate to 21% effective January 1, 2018. The effect of this change in tax rate is recognized in the consolidated statements of operations in the period that includes the enactment date, the fourth quarter of 2017. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Subsequent changes to enacted tax rates and changes to the global mix of operating results will result in changes to the tax rates used to calculate deferred taxes and any related valuation allowances. Updates or revisions to accounting standards resulting from tax policy changes are evaluated when issued and adopted as effective. The Company has recorded a deferred tax asset for net operating loss carry forwards in various tax jurisdictions. Upon utilization, the taxing authorities may examine the positions that led to the generation of those net operating losses. If the utilization of any of those losses are disallowed, a deferred tax liability may have to be recorded.

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

As of December 31, 2018, the Company has completed its accounting for and recorded the tax effects of the TCJA. The Company has elected to account for taxes on GILTI as incurred and the Company continues to assert indefinite reinvestment on certain of its foreign earnings. The Company early adopted FASB guidance related to the stranded tax effects in accumulated other comprehensive income (loss) resulting from U.S. tax reform as further disclosed below in "Reporting Comprehensive Income."

Revenue Recognition

In May 2014, the FASB issued Topic 606, guidance that replaced most existing revenue recognition guidance under U.S. GAAP along with subsequent amendments and updates (collectively, "Topic 606"). The impact of the adoption of Topic 606 is disclosed below in "Recently Issued Accounting Pronouncements." Prior to the adoption of Topic 606, the Company recognized revenue under the then existing guidance under U.S. GAAP ("Topic 605"). As such, revenue is recognized under Topic 606 for the year ended December 31, 2018 and under Topic 605 for the years ended December 31, 2017 and 2016. The policy that follows herein is applicable under both Topics 606 and 605 unless otherwise noted.

The Company recognizes two types of revenue: (i) revenue from contracts with customers; and (ii) lease revenue, which is generated through the fleet leasing operations of its Donlen subsidiary.

The Company reports revenues for taxes or non-concession fees collected from customers on behalf of governmental authorities on a net basis.

Vehicle Rental and Rental Related Revenues

The Company recognizes revenue from its vehicle rental operations when persuasive evidence of a contract exists, the performance obligations have been satisfied, the transaction price is fixed or determinable and collection is reasonably assured. Performance obligations associated with vehicle rental transactions are satisfied over the rental period, except for the portion associated with loyalty points, as further described below. Rental periods are short term in nature. Performance obligations associated with rental related activities, such as charges to the customer for the fueling of vehicles and value-added services such as loss damage waivers, insurance products, navigation units, supplemental equipment and other consumables, are also satisfied over the rental period. Revenue from charges that are passed through to the customer, such as gasoline, vehicle licensing and airport concession fees, is recorded on a gross basis with a corresponding charge to direct vehicle and operating expense. Sales commissions paid to third parties are generally expensed when incurred due to the short-term nature of the related transaction on which the commission was earned and are recorded within selling, general and administrative expense. Payments are due from customers at the completion of the rental, except for customers with negotiated payment terms, generally net 30 days or less, which are invoiced and remain as accounts receivable until collected.

Loyalty Programs - The Company offers loyalty programs, primarily Hertz Gold Plus Rewards, wherein customers are eligible to earn loyalty points that are redeemable for free rental days or can be converted to loyalty points for redemption of products and services under loyalty programs of other companies. Under Topic 605, for each transaction that generated loyalty points, the Company would accrue an expense associated with the incremental cost of providing the rental when the reward points were earned. Upon adoption of Topic 606, each transaction that generates loyalty points results in the deferral of revenue equivalent to the retail value at the date the points are earned. The associated revenue is recognized when the customer redeems the loyalty points at some point in the future. The retail value of loyalty points is estimated based on the current retail value measured as of the date the loyalty points are earned, less an estimated amount representing loyalty points that are not expected to be redeemed (“breakage”). Breakage is estimated on a quarterly basis and includes significant assumptions such as historical breakage trends and internal Company forecasts.

Customer Rebates - The Company has business customers that rent vehicles based on terms that have been negotiated through contracts with their employers, or other entities with which they are associated (“commercial contracts”), which can differ substantially from the terms on which the Company rents vehicles to the general public. Some of the commercial contracts contain provisions which allow for rebates to the entity based on achieving a specific rental volume threshold. Rebates are treated as variable consideration and are recognized as a reduction of revenue at the time of the rental based on the rebate expected to be earned by the entity.

Licensee Revenue

The Company has franchise agreements which allow an independent entity to rent their vehicles under the Company’s brands, primarily Hertz, Dollar or Thrifty, for a fee (“franchise fee”). Franchise fees are earned over time for the duration of the franchise agreement and are typically based on the larger of a minimum payment or an amount representing a percentage of net sales of the franchised business. Under Topic 605, initial franchise fees were recorded as deferred income when received and were recognized as revenue when all material services and conditions related to the franchise fee had been substantially performed. Renewal franchise fees were recognized as revenue when the license agreements were effective and collectability was reasonably assured. Under Topic 606, franchise fees are recognized as earned and when collectability is reasonably assured. Franchise fees that relate to a future contract term, such as initial fees or renewal fees, are deferred and recognized over the term of the franchise agreement.

Ancillary Retail Vehicle Sales Revenue

Ancillary retail vehicle sales represent revenues generated from the sale of warranty contracts, financing and title fees, and other ancillary services associated with vehicles disposed of at the Company’s retail outlets. These revenues are recorded at the point in time when the Company sells the product or provides the service to the customer. These revenues exclude the sale price of the vehicle which is a component of the gain or loss on the disposition and is included in depreciation of revenue earning vehicles and lease charges, net.

Fleet Management Revenue

The Company's Donlen subsidiary generates revenue from various fleet management services, such as fuel purchasing and management, preventive vehicle maintenance, repair consultation, toll management and accident management. Fleet management revenue is recognized net of any fees collected from customers on behalf of third-party service providers, as services are rendered.

Contract Balances

The Company recognizes receivables and liabilities resulting from its contracts with customers. Contract receivables primarily consist of receivables from customers for vehicle rentals. Contract liabilities primarily consist of obligations to customers for prepaid vehicle rentals and related to the Company’s points-based loyalty programs.

Cash, Restricted Cash, Cash Equivalents and Restricted Cash Equivalents

Cash and cash equivalents include cash on hand and highly liquid investments with an original maturity of three months or less. The Company's cash and cash equivalents are invested in various investment grade institutional money market accounts and bank term deposits.

Restricted cash and cash equivalents includes cash and cash equivalents that are not readily available for use in the Company's operating activities. Restricted cash and cash equivalents are primarily comprised of proceeds from the disposition of vehicles pledged under the terms of vehicle debt financing arrangements and is restricted for the purchase of revenue earning vehicles and other specified uses under the Vehicle Debt facilities and the LKE program, cash utilized as credit enhancement under those arrangements, and certain cash accounts supporting regulatory reserve requirements related to the Company's self-insurance. These funds are primarily held in demand deposit accounts or in highly rated money market funds with investments primarily in government and corporate obligations.

Deposits held at financial institutions may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company limits exposure relating to financial instruments by diversifying the financial instruments among various counterparties, which consist of major financial institutions.

Receivables, Net of Allowance

Receivables are stated net of allowances and primarily represent credit extended to vehicle manufacturers, customers that satisfy defined credit criteria, and amounts due from customers resulting from damage to rental vehicles. The estimate of the allowance for doubtful accounts is based on the Company's historical experience and its judgment as to the likelihood of ultimate payment. Actual receivables are written-off against the allowance for doubtful accounts when the Company determines the balance will not be collected. Estimates for future credit memos are based on historical experience and are reflected as reductions to revenue, while bad debt expense is reflected as a component of direct vehicle and operating expenses in the accompanying consolidated statements of operations.

Property and Equipment, Net

The Company's property and equipment, net consists of the following:



	December 31, 2018			December 31, 2017
Land, buildings and leasehold improvements	$	1,220		$	1,233
Service vehicles, equipment and furniture and fixtures	782			763
Less: accumulated depreciation	(1,224		)	(1,156		)
Total property and equipment, net	$	778		$	840

Land is stated at cost and reviewed annually for impairment as further disclosed above in the "Long-lived Assets, Including Finite-lived Intangible Assets."

Property and equipment are stated at cost and are depreciated utilizing the straight-line method over the estimated useful lives of the related assets. Useful lives are as follows:



Buildings	1 to 50 years
Furniture and fixtures	1 to 5 years
Service vehicles and equipment	1 to 25 years
Leasehold improvements	The lesser of the economic life or the lease term

Depreciation expense for property and equipment, net for the years ended December 31, 2018, 2017 and 2016 was $129 million, $143 million and $167 million, respectively.

The Company follows the practice of charging maintenance and repair costs for service vehicles, furniture and fixtures, and equipment, including the cost of minor replacements, to maintenance expense.

Long-lived Assets, Including Finite-lived Intangible Assets

Finite-lived intangible assets include concession agreements, technology, customer relationships and other intangibles. Long-lived assets and intangible assets with finite lives, including technology-related intangibles, are amortized using the straight-line method over the estimated economic lives of the assets, which range from one to fifty years and two to twenty years, respectively. Long-lived assets and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of an impairment loss for long-lived assets that management expects to hold and use is based on the estimated fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying value or estimated fair value less costs to sell.

Stock-Based Compensation

The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is to be recognized over the period during which the employee is required to provide service in exchange for the award. The Company has estimated the fair value of options issued at the date of grant using a Black-Scholes option-pricing model, which includes assumptions related to volatility, expected term, dividend yield and risk-free interest rate.

The Company accounts for restricted stock unit and performance stock unit awards as equity classified awards. For restricted stock units ("RSUs") the expense is based on the grant-date fair value of the stock and the number of shares that vest, recognized over the service period. For performance stock units ("PSUs") and performance stock awards ("PSAs"), the expense is based on the grant-date fair value of the stock, recognized over a two to four year service period depending upon the applicable performance condition. For PSUs and PSAs, the Company re-assesses the probability of achieving the applicable performance condition each reporting period and adjusts the recognition of expense accordingly. The Company includes tax "windfalls" within income tax expense in its statements of operations.

Fair Value Measurements

Generally accepted accounting principles define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market or, if none exists, the most advantageous market, for the specific asset or liability at the measurement date (referred to as the "exit price"). Fair value is a market-based measurement that is determined based upon assumptions that market participants would use in pricing an asset or liability, including consideration of nonperformance risk.

The Company assesses the inputs used to measure fair value using the three-tier hierarchy promulgated under U.S. GAAP. This hierarchy indicates the extent to which inputs used in measuring fair value are observable in the market.

Level 1: Inputs that reflect quoted prices for identical assets or liabilities in active markets that are observable.

Level 2: Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3: Inputs that are unobservable to the extent that observable inputs are not available for the asset or liability at the measurement date and include management's judgment about assumptions market participants would use in pricing the asset or liability.

Foreign Currency Translation and Transactions

Assets and liabilities of international subsidiaries whose functional currency is the local currency are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the average exchange rates throughout the year. The related translation adjustments are reflected in accumulated other comprehensive income (loss) in the equity section of the accompanying consolidated balance sheets. Foreign currency exchange rate gains and losses resulting from transactions are included in the Company's operating results.

Advertising

Advertising and sales promotion costs are expensed the first time the advertising or sales promotion takes place. Advertising costs are reflected as a component of selling, general and administrative expenses in the accompanying consolidated statements of operations and for the years ended December 31, 2018, 2017 and 2016 were $238 million, $191 million and $159 million, respectively.

Divestitures

The Company classifies long-lived assets and liabilities to be disposed of as held for sale in the period in which they are available for immediate sale in their present condition and the sale is probable and expected to be completed within one year. The Company initially measures assets and liabilities held for sale at the lower of their carrying value or fair value less costs to sell and assesses their fair value each reporting period until disposed. When the divestiture represents a strategic shift that has (or will have) a major effect on the Company's operations and financial results, the disposal is presented as a discontinued operation.

Recently Issued Accounting Pronouncements

Adopted

Revenue from Contracts with Customers

The Company adopted Topic 606 on the effective date, January 1, 2018, using a modified retrospective approach applied to all contracts and did not retrospectively adjust its presentation for periods prior to adoption. Topic 606 applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The core principle of Topic 606 is that an entity should recognize revenue from customers for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services, as well as when an entity should recognize revenue gross as a principal or net as an agent and how an entity should identify performance obligations. Topic 606 requires disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments.

The impact to the Company’s financial position, results of operations and cash flows is primarily for revenue associated with the redemption of points earned by customers under the Company’s loyalty programs (“loyalty points”). For transactions that generate loyalty points to the customer, a portion of revenue is deferred until the loyalty points are redeemed by the customer. The amount of revenue deferred is equivalent to the retail value of each loyalty point less an estimated amount representing loyalty points that are not expected to be redeemed.

The Company elected to apply the practical expedient which eliminated the requirement to disclose information about remaining performance obligations related to its short-term vehicle rentals. Additionally, the Company elected to apply the practical expedient where the value of unsatisfied performance obligations for sales-based royalty fees from franchisees is not disclosed. As disclosed above, the Company adopted Topic 606 on a modified retrospective basis, therefore, historical financial information has not been restated for comparative purposes and continues to be reported under the accounting standards in effect for those periods (“legacy guidance”).

The cumulative effect of applying the new guidance to all contracts with customers that were not completed as of January 1, 2018 has been recorded as an adjustment to accumulated deficit, net of tax, as of the adoption date is shown below.

Hertz Global



(In millions)	Deferred Income Taxes, Net			Accrued Liabilities		Total Liabilities		Accumulated Deficit			Total Equity			Total Liabilities and Equity
As of December 31, 2017	$	1,220		$	920	$	18,538	$	(506	)	$	1,520		$	20,058
Effect of Adopting Topic 606	(51		)	240		189		(189		)	(189		)	—
As of January 1, 2018	$	1,169		$	1,160	$	18,727	$	(695	)	$	1,331		$	20,058

Hertz



(In millions)	Deferred Income Taxes, Net			Accrued Liabilities		Total Liabilities		Accumulated Deficit			Total Equity			Total Liabilities and Equity
As of December 31, 2017	$	1,220		$	920	$	18,538	$	(1,486	)	$	1,520		$	20,058
Effect of Adopting Topic 606	(51		)	240		189		(189		)	(189		)	—
As of January 1, 2018	$	1,169		$	1,160	$	18,727	$	(1,675	)	$	1,331		$	20,058

The following table presents the amounts for line items in the Company’s consolidated balance sheet, statement of operations and cash flows impacted by the adoption of Topic 606 as compared to the amounts that would have been recognized in accordance with legacy guidance.

Hertz Global



(In millions, except per share data)	As Reported			Effect of Adoption Increase (Decrease)			Balances Without Adoption
Consolidated Balance Sheet as of December 31, 2018:
Accrued liabilities	$	1,304		$	244		$	1,060
Deferred income taxes, net	1,092			(54		)	1,146
Total liabilities	20,262			190			20,072
Accumulated deficit	(909		)	(190		)	(719		)
Total stockholders' equity	1,120			(190		)	1,310
Consolidated Statement of Operations for the Year Ended December 31, 2018:
Worldwide vehicle rental revenues	$	8,756		$	(6	)	$	8,762
Selling, general and administrative expense	1,017			(2		)	1,019
Income (loss) from continuing operations before income taxes	(257		)	(4		)	(253		)
Income tax (provision) benefit	30			3			27
Net income (loss) from continuing operations	(227		)	(1		)	(226		)
Net (income) loss attributable to noncontrolling interests	2			—			2
Net income (loss) attributable to Hertz Global	(225		)	(1		)	(224		)
Basic earnings (loss) per share	(2.68		)	(0.01		)	(2.67		)
Diluted earnings (loss) per share	(2.68		)	(0.01		)	(2.67		)
Consolidated Statement of Cash Flows for the Year Ended December 31, 2018:
Cash flows from operating activities:
Net income (loss)	$	(227	)	$	(1	)	$	(226	)
Deferred income taxes, net	(66		)	(3		)	(63		)
Accrued liabilities	75			4			71

Hertz



(In millions, except per share data)	As Reported			Effect of Adoption Increase (Decrease)			Balances Without Adoption
Consolidated Balance Sheet as of December 31, 2018:
Accrued liabilities	$	1,304		$	244		$	1,060
Deferred income taxes, net	1,094			(54		)	1,148
Total liabilities	20,264			190			20,074
Accumulated deficit	(1,884		)	(190		)	(1,694		)
Total stockholder's equity	1,118			(190		)	1,308
Consolidated Statement of Operations for the Year Ended December 31, 2018:
Worldwide vehicle rental revenues	$	8,756		$	(6	)	$	8,762
Selling, general and administrative expense	1,017			(2		)	1,019
Income (loss) from continuing operations before income taxes	(250		)	(4		)	(246		)
Income tax (provision) benefit	28			3			25
Net income (loss) from continuing operations	(222		)	(1		)	(221		)
Net (income) loss attributable to noncontrolling interests	2			—			2
Net income (loss) attributable to Hertz	(220		)	(1		)	(219		)
Consolidated Statement of Cash Flows for the Year Ended December 31, 2018:
Cash flows from operating activities:
Net income (loss)	$	(222	)	$	(1	)	$	(221	)
Deferred income taxes, net	(64		)	(3		)	(61		)
Accrued liabilities	75			4			71

The impact to the Company's consolidated statement of comprehensive income (loss) is comprised solely of the impact to net income (loss) as shown in the tables above.

See "Revenue Recognition" above regarding the Company’s accounting policies for revenue recognition, including the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Also see Note 8, "Revenue from Contracts with Customers," for other required disclosures under Topic 606.

Restricted Cash

In November 2016, the FASB issued guidance that clarifies existing guidance on the classification and presentation of restricted cash in the statement of cash flows. The guidance requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. Additionally, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. The Company adopted this guidance retrospectively in accordance with the effective date on January 1, 2018.

Adoption of this guidance had no impact on the Company's financial position or results of operations. The impact to the consolidated statement of cash flows of adopting this guidance is as follows:

Hertz Global



	Year Ended December 31, 2017
(In millions)	As Previously Reported			Adjustments		As Adjusted
Net change in restricted cash and cash equivalents, vehicle	$	(147	)	$	147	$	—
Net cash provided by (used in) investing activities	(3,147		)	147		(3,000		)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations⁽¹⁾	21			7		28
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period⁽¹⁾	816			278		1,094
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period⁽¹⁾	1,072			432		1,504



	Year Ended December 31, 2016
(In millions)	As Previously Reported			Adjustments			As Adjusted
Net change in restricted cash and cash equivalents, vehicle	$	53		$	(53	)	$	—
Net change in restricted cash and cash equivalents, non-vehicle	(1		)	1			—
Net cash provided by (used in) investing activities	(1,996		)	(52		)	(2,048		)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations⁽¹⁾	(8		)	(3		)	(11		)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period⁽¹⁾	474			333			807
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period⁽¹⁾	816			278			1,094

Hertz



	Year Ended December 31, 2017
(In millions)	As Previously Reported			Adjustments		As Adjusted
Net change in restricted cash and cash equivalents, vehicle	$	(147	)	$	147	$	—
Net cash provided by (used in) investing activities	(3,147		)	147		(3,000		)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations⁽¹⁾	21			7		28
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period⁽¹⁾	816			278		1,094
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period⁽¹⁾	1,072			432		1,504



	Year Ended December 31, 2016
(In millions)	As Previously Reported			Adjustments			As Adjusted
Net change in restricted cash and cash equivalents, vehicle	$	53		$	(53	)	$	—
Net change in restricted cash and cash equivalents, non-vehicle	(1		)	1			—
Net cash provided by (used in) investing activities	(1,996		)	(52		)	(2,048		)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations⁽¹⁾	(8		)	(3		)	(11		)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period⁽¹⁾	474			333			807
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period⁽¹⁾	816			278			1,094


(1)	The amounts as previously reported were comprised of cash and cash equivalents and did not include restricted cash and restricted cash equivalents.

Reporting Comprehensive Income

In February 2018, the FASB issued guidance that allows a reclassification from accumulated other comprehensive income to retained earnings for the stranded tax effects resulting from the U.S. Tax reform. The guidance is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Company adopted this guidance early, as permitted, in its fourth fiscal quarter of 2018. Adoption of this guidance resulted in an $11 million reclassification for amounts related to pension and other post-employment benefits from accumulated other comprehensive income to accumulated deficit as of the date adopted. Prior periods have not been retrospectively adjusted.

Not Yet Adopted as of December 31, 2018

In February 2016, the FASB issued guidance that replaces the existing lease guidance in U.S. GAAP and in 2018 issued several amendments and updates to the guidance (collectively, "Topic 842"). Topic 842 establishes a right-of-use (“ROU”) model that requires a lessee to record on the balance sheet a ROU asset and corresponding lease liability based on the present value of future lease payments. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Topic 842 also expands the requirements for lessees to record leases embedded in other arrangements. Additionally, enhanced quantitative and qualitative disclosures surrounding leases are required which provide financial statement users the ability to assess the amount, timing and uncertainty of cash flows arising from leases. Topic 842 is effective for annual periods beginning after December 15, 2018 and interim periods within those annual periods with early adoption permitted. The Company will adopt the standard when effective in its first fiscal quarter of 2019 as of January 1st, using a simplified transition approach for both lessees and lessors and will recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Prior periods will not be retrospectively adjusted.

The Company will avail itself of the package of practical expedients for existing or expired contracts of lessees and lessors wherein the Company would not be required to reassess whether such contracts contain leases, the lease classification or the initial direct costs. The Company will not utilize the practical expedient which allows the use of hindsight by lessees and lessors in determining the lease term and in assessing impairment of its ROU assets. Also, with respect to the Company's real estate leases and Donlen's fleet leases, the Company will avail itself of the practical expedient for lessees and lessors which allows it to elect an accounting policy by class of underlying asset to combine lease and non-lease components. Additionally, the Company will elect an accounting policy to not recognize ROU assets or lease liabilities for short-term leases (i.e. those with a term of twelve months or less).

The Company estimates that the adoption of Topic 842 will result in recognition of ROU assets and lease liabilities in a range from $1.2 billion to $1.6 billion. Adoption of Topic 842 is not expected to have a material impact on the Company’s results of operations or the nature, timing and recognition of rental lease revenues which are accounted for under Topic 606 until adoption of Topic 842. Additionally, adoption of this guidance will impact the statement of cash flows with respect to the presentation of the Company's operating activities, but is not expected to impact its cash flows from operations or its presentation or cash flows from investing and financing activities. The Company has designed its internal controls over financial reporting to ensure that controls are in place to prevent or detect material misstatements to the consolidated financial statements upon adoption of Topic 842.

Changes to Disclosure Requirements for Defined Benefit Plans

In August 2018, the FASB issued guidance that modifies disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans to remove disclosures no longer considered cost beneficial, add disclosures identified as relevant and clarify certain disclosure requirements. The guidance is effective for annual periods beginning after December 15, 2020 using a retrospective transition method. Early adoption is permitted. The Company is in the process of determining the timing of adoption and assessing the overall impact of adopting this guidance on its disclosures.

Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement

In August 2018, the FASB issued guidance on a customer's accounting for implementation fees paid in a cloud computing service contract arrangement that addresses which implementation costs to capitalize as an asset and which costs to expense. Capitalized implementation fees are to be expensed over the term of the cloud computing arrangement, and the expense is required to be recognized in the same line item in the income statement as the associated hosting service expenses. The entity is also required to present the capitalized implementation fees on the balance sheet in the same line item as the prepayment for hosting service fees associated with the cloud computing arrangement.

The guidance is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods using a retrospective or prospective transition method. Early adoption is permitted, including adoption in any interim period. The Company is in the process of determining the method and timing of adoption and assessing the overall impact of adopting this guidance on its financial position, results of operations and cash flows.

Significant Accounting Policies

Accounting Principles

The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Reclassifications

Certain prior period amounts have been reclassified to conform with current period presentation.

Principles of Consolidation

The consolidated financial statements of Hertz Global include the accounts of Hertz Global, its wholly owned and majority owned U.S. and international subsidiaries, and its VIEs, as applicable. The consolidated financial statements of Hertz include the accounts of Hertz, its wholly owned and majority owned U.S. and international subsidiaries, and its VIEs, as applicable. The Company consolidates a VIE when it is deemed the primary beneficiary. The Company accounts for its investment in joint ventures using the equity method when it has significant influence but not control and is not the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation.

Use of Estimates and Assumptions

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes. Actual results could differ materially from those estimates.

Significant estimates inherent in the preparation of the consolidated financial statements include depreciation of revenue earning vehicles, reserves for litigation and other contingencies, accounting for income taxes and related uncertain tax positions, pension and postretirement benefit costs, the recoverability of long-lived assets, useful lives and impairment of long-lived tangible and intangible assets including goodwill, valuation of stock-based compensation, public liability and property damage reserves, allowance for doubtful accounts, the retail value of loyalty points, and fair value of financial instruments, among others.

Revenue Earning Vehicles

Revenue earning vehicles are stated at cost, net of related discounts and incentives from manufacturers. Holding periods typically range from six to thirty-six months. Generally, when revenue earning vehicles are acquired outside of a vehicle repurchase program, the Company estimates the period that the Company will hold the asset, primarily based on historical measures of the amount of rental activity (e.g., automobile mileage). The Company also estimates the residual value of the applicable revenue earning vehicles at the expected time of disposal, taking into consideration factors such as make, model and options, age, physical condition, mileage, sale location, time of the year and channel of disposition (e.g., auction, retail, dealer direct) and market conditions. Depreciation is recorded over the estimated holding period. Depreciation rates are reviewed on a quarterly basis based on management's ongoing assessment of present and estimated future market conditions, their effect on residual values at the expected time of disposal and the estimated holding periods. Gains and losses on the sale of vehicles, including the costs associated with disposals, are included in depreciation expense.

For vehicles acquired under the Company's vehicle repurchase programs ("program vehicles"), the manufacturers agree to repurchase program vehicles at a specified price or guarantee the depreciation rate on the vehicles during established repurchase or auction periods, subject to, among other things, certain vehicle condition, mileage and holding period requirements. Guaranteed depreciation programs guarantee on an aggregate basis the residual value of the program vehicle upon sale according to certain parameters which include the holding period, mileage and condition of the vehicles. The Company records a provision for excess mileage and vehicle condition, as necessary, during the holding period.

Donlen's revenue earning vehicles are leased under long term agreements with its customers. These leases contain provisions whereby Donlen has a contracted residual value guaranteed by the lessee, such that it does not bear the risk of any gains or losses on the disposal of these vehicles. Donlen accounts for its lease contracts using the appropriate lease classifications.

The Company continually evaluates revenue earning vehicles to determine whether events or changes in circumstances have occurred that may warrant revision of the estimated useful life or holding period.

Self-insured Liabilities

Self-insured liabilities in the accompanying consolidated balance sheets include public liability, property damage, liability insurance supplement, personal accident insurance, and worker's compensation. These represent an estimate for both reported accident claims not yet paid, and claims incurred but not yet reported and are recorded on a non-discounted basis. Reserve requirements are based on rental volume and actuarial evaluations of historical accident claim experience and trends, as well as future projections of ultimate losses, expenses, premiums and administrative costs. The adequacy of the liability is regularly monitored based on evolving accident claim history and insurance related state legislation changes. If the Company's estimates change or if actual results differ from these assumptions, the amount of the recorded liability is adjusted to reflect these results.

Recoverability of Goodwill and Indefinite-lived Intangible Assets

The Company tests the recoverability of its goodwill and indefinite-lived intangible assets by performing an impairment analysis on an annual basis, as of October 1, and at interim periods when circumstances require as a result of a triggering event.

On January 1, 2017, the Company prospectively adopted guidance that eliminated the second step of the two-step goodwill impairment test, therefore, a goodwill impairment charge is calculated as the amount by which a reporting unit's carrying amount exceeds its fair value. Prior to 2017, the Company tested the recoverability of its goodwill using a two-step process. The first step was to identify any potential impairment by comparing the carrying value of the reporting unit to its fair value. If a potential impairment was identified, the second step was to determine an implied fair value of goodwill and compare that with its carrying value to measure the amount of impairment. For goodwill, fair value is determined using an income approach based on the discounted cash flows of each reporting unit. A reporting unit is an operating segment or a business one level below that operating segment (the component level) if discrete financial information is prepared and regularly reviewed by segment management. Components are aggregated into a single reporting unit when they have similar economic characteristics. The Company has four reporting units: U.S. Rental Car, Europe Rental Car, Other International Rental Car and Donlen. The fair values of the reporting units are estimated using the net present value of discounted cash flows generated by each reporting unit and incorporate various assumptions related to discount rates, growth rates, cash flow projections, tax rates and terminal value rates specific to the reporting unit to which they are applied. Discount rates are set by using the Weighted Average Cost of Capital (“WACC”) methodology. The Company’s discounted cash flows are based upon reasonable and appropriate assumptions about the underlying business activities of the Company’s reporting units.

In the impairment analysis for an indefinite-lived intangible asset, the Company compares the carrying value of the asset to its implied fair value and recognizes an impairment charge whenever the carrying amount of the asset exceeds its implied fair value. The implied fair value for a tradename is estimated using a relief from royalty approach, which utilizes the Company’s revenue projections for each asset along with assumptions for royalty rates, tax rates and WACC.

Subrogation Receivables

The Company records receivables for vehicle damage caused while a vehicle is on rent with a customer based on billed and unbilled recoveries and represents the amount of damage the Company expects to recover. Amounts recorded are estimated using a combination of actual historical data with respect to damage expense and collections and other facts and circumstances. Subrogation receivables are recorded as a contra-expense (i.e. a credit to direct operating expense) in the period in which the expense was incurred. The Company had net subrogation receivables of $84 million and $64 million which are included in non-vehicle receivables, net in the accompanying consolidated balance sheets as of December 31, 2018 and 2017, respectively.

Discontinued Operations

12 Months Ended

Dec. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

As further described in Note 1, "Background," on June 30, 2016, the separation of Old Hertz Holdings' global vehicle rental and equipment rental businesses was completed. In connection with the Spin-Off, Hertz Global and Herc Holdings entered into multiple agreements that provide a framework for the relationships between the parties going forward. As the primary operating company for Hertz Global, the agreements that follow also directly apply to Hertz.

Separation and Distribution Agreement

Hertz Global entered into a separation and distribution agreement (the “Separation Agreement”) with Herc Holdings which sets forth the general terms and conditions of the Spin-Off. The Separation Agreement provides for the transfers of entities and assets and the assumption of liabilities necessary to complete the Spin-Off. Subject to any specified exceptions, each party to the Separation Agreement has assumed the liability for, and control of, all pending and threatened legal matters related to its own business, as well as assumed or retained liabilities. The Separation Agreement provides for certain liabilities to be shared by the parties. Hertz Global and Herc Holdings are each responsible for a portion of these shared liabilities. In addition, the Separation Agreement, among other things, (i) terminates all intercompany arrangements between Hertz Global and Herc Holdings except for specified agreements and arrangements that follow the Spin-Off, (ii) releases certain claims between the parties and their affiliates, successors and assigns, and (iii) contains mutual indemnification clauses with respect to each party's respective assumed legal matters and assumed or retained liabilities.

Intellectual Property Agreement

Hertz Global and Herc Holdings entered into an intellectual property agreement that provides for ownership, licensing and other arrangements regarding the trademarks and related intellectual property that Hertz Global and Herc Holdings use in conducting their respective businesses. The agreement provides that, following the Spin-Off, Herc Holdings will continue to have the right to use certain intellectual property associated with the Hertz brand for a period of four years on a royalty free basis.

Tax Matters Agreement

Hertz Global and Hertz entered into a tax matters agreement (the “Tax Matters Agreement”) with Herc Holdings and Herc Rentals Inc. that governs the parties’ respective rights, responsibilities and obligations after the Spin-Off with respect to tax liabilities and benefits, tax attributes, tax contests and other tax matters regarding income taxes, other taxes and related tax returns.

The Tax Matters Agreement also requires that an unqualified opinion from a nationally recognized law firm, supplemental ruling from the Internal Revenue Service, or waiver from the other party be obtained upon the occurrence or contemplated occurrence of certain events which could impact the taxability of the transaction under the U.S. federal income tax law.

Employee Matters Agreement

Hertz Global and Herc Holdings entered into an employee matters agreement to allocate liabilities and responsibilities relating to employment matters, employee compensation, benefit plans and programs and other related matters.

Results of Discontinued Operations - Hertz Global

The following table summarizes the results of the equipment rental business and certain parent legal entities which are presented as discontinued operations in the accompanying consolidated statement of operations for the year ended December 31, 2016. The operations that are discontinued are comprised of Old Hertz Holdings' Worldwide Equipment Rental segment as well as certain parent entities that were presented as part of corporate operations prior to the Spin-Off.



(In millions)	Year Ended December 31, 2016
Total revenues	$	677
Direct operating expenses	366
Depreciation of revenue earning equipment and lease charges, net	181
Selling, general and administrative expenses	123
Interest expense, net⁽¹⁾	17
Other (income) expense, net	(1		)
Income (loss) from discontinued operations before income taxes	(9		)
(Provision) benefit for taxes on discontinued operations	(8		)
Net income (loss) from discontinued operations	$	(17	)


⁽¹⁾	In addition to interest expense directly associated with Herc Holdings, the Company allocated $5 million of interest expense related to certain debt repaid in connection with the Spin-Off to discontinued operations.

Results of Discontinued Operations - Hertz

The following table summarizes the results of the equipment rental business which is presented as discontinued operations in the accompanying consolidated statement of operations for the year ended December 31, 2016. The operations of Hertz that are discontinued are comprised of it's former Worldwide Equipment Rental segment.



(In millions)	Year Ended December 31, 2016
Total revenues	$	677
Direct operating expenses	366
Depreciation of revenue earning equipment and lease charges, net	181
Selling, general and administrative expenses	124
Interest expense, net⁽¹⁾	13
Other (income) expense, net	(1		)
Income (loss) from discontinued operations before income taxes	(6		)
(Provision) benefit for taxes on discontinued operations	(9		)
Net income (loss) from discontinued operations	$	(15	)


⁽¹⁾	In addition to interest expense directly associated with Herc Holdings, the Company allocated $5 million of interest expense related to certain debt repaid in connection with the Spin-Off to discontinued operations.

Divestitures	12 Months Ended
Divestitures	Dec. 31, 2018
Business Combinations [Abstract]
Divestitures	Divestitures CAR Inc. Investment During 2016, the Company sold approximately 236 million shares of common stock of CAR Inc., a publicly traded rental car company on the Hong Kong Stock Exchange, and extended its commercial agreement with CAR Inc. to 2023, in exchange for approximately $274 million, of which $267 million was allocated to the sale of shares based on the fair value of those shares. The sale of shares resulted in a pre-tax gain of approximately $84 million. Additionally, $7 million of the proceeds were allocated to the extension of the commercial agreement which have been deferred and are being recognized over the remaining term of the commercial agreement. During 2017, the Company sold its remaining shares of common stock of CAR Inc. and no longer has an ownership interest in the entity. The pre-tax gains recognized on the sales of common stock of CAR Inc. are recorded in the Company's Corporate operations and are included in other (income) expense, net in the accompanying consolidated statements of operations for the years ended December 31, 2017 and 2016. Investment in Additional Equity In April 2016, the Company paid approximately $45 million for an equity method investment. In March 2017, the Company determined it had an other than temporary loss in value of its investment and recorded an impairment charge of $30 million based on the fair value of the investment determined using level 3 inputs under the fair value hierarchy. Due to cumulative equity losses and amortization of $11 million, the carrying value of the investment as of March 31, 2017, subsequent to the impairment, was $4 million. In September 2017, the investee was dissolved which resulted in a return of capital to the Company and a pre-tax gain of $4 million. The net amount of the fair value adjustments of $26 million is included in other (income) expense, net in the accompanying consolidated statement of operations for the year ended December 31, 2017 and is attributable to the Company's Corporate operations. Brazil Operations During 2016, the Company, along with certain of its wholly owned subsidiaries, entered into a definitive stock purchase agreement to sell Car Rental Systems do Brasil Locação de Veiculos Ltd., a wholly owned subsidiary of the Company located in Brazil ("Brazil Operations"), to Localiza Fleet S.A. (“Localiza”), a corporation headquartered in Brazil. The Brazil Operations are reported in the Company's International Rental Car segment. As a result of the then pending sale, the carrying values of the assets and liabilities being sold were written down to fair value less costs to sell, which resulted in an impairment charge of $18 million based upon the estimated agreed-upon sales price and related transaction costs, which is included in other (income) expense, net, in the accompanying consolidated statement of operations for the year ended December 31, 2016. In August 2017, the Company completed the sale of its Brazil Operations to Localiza and received proceeds of $115 million, of which $13 million was placed into escrow to secure certain indemnification obligations. As a result of the sale, the Company recorded a $6 million gain, net of the impact of foreign currency adjustments, which is included in other (income) expense, net in the accompanying consolidated statement of operations for the year ended December 31, 2017. As part of the sale, both companies entered into referral and brand cooperation agreements to govern their ongoing relationship which have an initial term of twenty years with an option to extend for another twenty years. The alliance will also involve the exchange of knowledge in areas of technology, customer service and operational excellence.

Revenue Earning Vehicles

12 Months Ended

Dec. 31, 2018

Revenue Earning Vehicles [Abstract]

Revenue Earning Vehicles

Revenue Earning Vehicles, Net

The components of revenue earning vehicles, net are as follows:



	December 31,
(In millions)	2018			2017
Revenue earning vehicles	$	15,242		$	14,209
Less: Accumulated depreciation	(3,134		)	(3,123		)
	12,108			11,086
Revenue earning vehicles intended for sale, net of depreciation	311			250
Revenue earning vehicles, net	$	12,419		$	11,336

Revenue earning vehicles intended for sale represents the carrying amount of vehicles currently placed on the Company's retail lots for sale or actively in the process of being sold through other disposition channels.

Depreciation of revenue earning vehicles and lease charges, net includes the following:



	Years Ended December 31,
(In millions)	2018		2017		2016
Depreciation of revenue earning vehicles	$	2,457	$	2,486	$	2,359
(Gain) loss on disposal of revenue earning vehicles^(a)	142		236		172
Rents paid for vehicles leased	91		76		70
Depreciation of revenue earning vehicles and lease charges, net	$	2,690	$	2,798	$	2,601

(a) (Gain) loss on disposal of revenue earning vehicles by segment is as follows:



	Years Ended December 31,
(In millions)	2018			2017		2016
U.S. Rental Car⁽ⁱ⁾	$	145		$	234	$	177
International Rental Car	(3		)	2		(5		)
Total	$	142		$	236	$	172


(i)	Includes costs associated with the Company's U.S. vehicle sales operations of $148 million, $132 million and $109 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Depreciation rates are reviewed on a quarterly basis based on management's ongoing assessment of present and estimated future market conditions, their effect on residual values at the expected time of disposal and the estimated holding periods for the vehicles. The impact of depreciation rate changes is as follows:



Increase (decrease)	Years Ended December 31,
(In millions)	2018			2017		2016
U.S. Rental Car	$	(60	)	$	77	$	141
International Rental Car	1			10		4
Total	$	(59	)	$	87	$	145

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets, Net

Goodwill

In 2016, the Company performed its annual goodwill impairment analysis as of October 1^st using a two-step process and determined that an impairment existed related to the Europe Rental Car reporting unit and recorded a charge of $172 million. The impairment was largely due to declines in revenue and profitability projections associated with the vehicle rental operations in Europe, coupled with an increased weighted average cost of capital. The Company concluded there was no impairment of its other reporting units.

As a result of declines in revenues and profitability of the Company and a decline in the share price of Hertz Global's common stock, the Company tested the recoverability of its goodwill as of June 30, 2017. The Company also tested the recoverability of its goodwill as of its annual test dates of October 1, 2017 and 2018, the results of which indicated that the estimated fair value of each reporting unit was in excess of its carrying value, therefore, the Company determined that its goodwill was not impaired.

The Company performed these impairment analyses using the income approach, a measurement using level 3 inputs under the GAAP fair value hierarchy. In performing the impairment analyses, the Company leveraged long-term strategic plans, which are based on strategic initiatives for future profitability growth. The weighted average cost of capital used in the discounted cash flow model was calculated based upon the fair value of the Company's debt and stock price with a debt to equity ratio comparable to the vehicle rental car industry.

The following summarizes the changes in the Company's goodwill, by segment:



(In millions)	U.S. Rental Car		International Rental Car			All Other Operations		Total
Balance as of January 1, 2018
Goodwill	$	1,029	$	237		$	36	$	1,302
Accumulated impairment losses	—		(218		)	—		(218		)
	1,029		19			36		1,084
Goodwill acquired and other changes during the period^(a)	—		(1		)	—		(1		)
	—		(1		)	—		(1		)
Balance as of December 31, 2018
Goodwill	1,029		236			36		1,301
Accumulated impairment losses	—		(218		)	—		(218		)
	$	1,029	$	18		$	36	$	1,083



(In millions)	U.S. Rental Car		International Rental Car			All Other Operations		Total
Balance as of January 1, 2017
Goodwill	$	1,028	$	237		$	34	$	1,299
Accumulated impairment losses	—		(218		)	—		(218		)
	1,028		19			34		1,081
Goodwill acquired and other changes during the period^(a)	1		—			2		3
	1		—			2		3
Balance as of December 31, 2017
Goodwill	1,029		237			36		1,302
Accumulated impairment losses	—		(218		)	—		(218		)
	$	1,029	$	19		$	36	$	1,084


(a)	Changes in the International Rental Car segment and All Other Operations segment primarily consists of foreign currency exchange rate adjustments.

Intangible Assets, Net

The Company's indefinite-lived intangible assets primarily consist of the Hertz and Dollar Thrifty tradenames. In 2016, the Company performed its annual impairment analysis of its indefinite-lived intangible assets as of October 1^stand concluded that there was an impairment of the Dollar Thrifty tradename in the U.S. Rental Car segment and recorded a charge of $120 million. The Company concluded there was no impairment of the Hertz tradename.

In 2017, as a result of declines in revenues and profitability of the Company and a decline in the share price of Hertz Global's common stock, the Company tested the recoverability of its indefinite-lived intangible assets as of June 30, 2017 and concluded that there was an impairment of the Dollar Thrifty tradename in its U.S. Rental Car segment and recorded a charge of $86 million. The Company concluded there was no impairment of the Hertz tradename. The Company also tested the recoverability of its indefinite-lived intangible assets as of its annual test dates of October 1, 2017 and 2018 and concluded there was no impairment of either tradename.

The Company performed these impairment analyses using the relief from royalty method, a measurement using level 3 inputs under the GAAP fair value hierarchy. The impairments in 2017 and 2016 were largely due to decreases in long-term revenue projections coupled with an increase in the weighted average cost of capital.

Intangible assets, net, consisted of the following major classes:



	December 31, 2018
(In millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Amortizable intangible assets:
Customer-related	$	333	$	(309	)	$	24
Concession rights	413		(279		)	134
Technology-related intangibles^(a)	412		(219		)	193
Other^(b)	82		(69		)	13
Total	1,240		(876		)	364
Indefinite-lived intangible assets:
Tradenames	2,814		—			2,814
Other^(c)	25		—			25
Total	2,839		—			2,839
Total intangible assets, net	$	4,079	$	(876	)	$	3,203



	December 31, 2017
(In millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Amortizable intangible assets:
Customer-related	$	333	$	(301	)	$	32
Concession rights	413		(233		)	180
Technology-related intangibles^(a)	377		(204		)	173
Other^(b)	82		(64		)	18
Total	1,205		(802		)	403
Indefinite-lived intangible assets:
Tradenames	2,814		—			2,814
Other^(c)	25		—			25
Total	2,839		—			2,839
Total intangible assets, net	$	4,044	$	(802	)	$	3,242


(a)	Technology-related intangibles include software not yet placed into service.


(b)	Other amortizable intangible assets primarily include the Donlen tradename and reacquired franchise rights.


(c)	Other indefinite-lived intangible assets primarily consist of reacquired franchise rights.

Amortization of intangible assets for the years ended December 31, 2018, 2017 and 2016 was $89 million, $97 million and $98 million, respectively. Based on its amortizable intangible assets as of December 31, 2018, the Company expects amortization expense to be approximately $83 million in 2019, $86 million in 2020, $75 million in 2021, $30 million in 2022, $27 million in 2023 and $63 million thereafter.

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Debt

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Employee Retirement Benefits

The Company's debt, including its available credit facilities, consists of the following ($ in millions):



Facility	Weighted Average Interest Rate as of December 31, 2018	Fixed or Floating Interest Rate	Maturity	December 31, 2018			December 31, 2017
Non-Vehicle Debt
Senior Term Loan	5.28%	Floating	6/2023	$	674		$	688
Senior RCF	N/A	Floating	6/2021	—			—
Senior Notes⁽¹⁾	6.13%	Fixed	10/2020-10/2024	2,500			2,500
Senior Second Priority Secured Notes	7.63%	Fixed	6/2022	1,250			1,250
Promissory Notes	7.00%	Fixed	1/2028	27			27
Other Non-Vehicle Debt	6.73%	Fixed	Various	4			11
Unamortized Debt Issuance Costs and Net (Discount) Premium				(33		)	(42		)
Total Non-Vehicle Debt				4,422			4,434
Vehicle Debt
HVF U.S. Vehicle Medium Term Notes
HVF Series 2010-1	N/A	N/A	N/A	—			39
HVF Series 2013-1	N/A	N/A	N/A	—			625
				—			664
HVF II U.S. ABS Program
HVF II U.S. Vehicle Variable Funding Notes
HVF II Series 2013-A⁽²⁾	3.92%	Floating	3/2020	2,940			1,970
HVF II Series 2013-B⁽²⁾	N/A	Floating	3/2020	—			123
				2,940			2,093
HVF II U.S. Vehicle Medium Term Notes
HVF II Series 2015-1⁽²⁾	2.93%	Fixed	3/2020	780			780
HVF II Series 2015-2⁽²⁾	N/A	N/A	N/A	—			265
HVF II Series 2015-3⁽²⁾	3.10%	Fixed	9/2020	371			371
HVF II Series 2016-1⁽²⁾	2.89%	Fixed	3/2019	466			466
HVF II Series 2016-2⁽²⁾	3.41%	Fixed	3/2021	595			595
HVF II Series 2016-3⁽²⁾	2.72%	Fixed	7/2019	424			424
HVF II Series 2016-4⁽²⁾	3.09%	Fixed	7/2021	424			424
HVF II Series 2017-1⁽²⁾	3.38%	Fixed	10/2020	450			450
HVF II Series 2017-2⁽²⁾	3.57%	Fixed	10/2022	350			350
HVF II Series 2018-1⁽²⁾	3.41%	Fixed	2/2023	1,000			—
HVF II Series 2018-2⁽²⁾	3.80%	Fixed	6/2021	200			—
HVF II Series 2018-3⁽²⁾	4.15%	Fixed	7/2023	200			—
				5,260			4,125
Donlen ABS Program
HFLF Variable Funding Notes
HFLF Series 2013-2⁽²⁾	3.39%	Floating	3/2020	320			380
				320			380



Facility	Weighted Average Interest Rate as of December 31, 2018	Fixed or Floating Interest Rate	Maturity	December 31, 2018			December 31, 2017
HFLF Medium Term Notes
HFLF Series 2015-1⁽³⁾	3.86%	Floating	1/2019-3/2019	33			145
HFLF Series 2016-1⁽³⁾	3.57%	Both	1/2019-2/2020	171			318
HFLF Series 2017-1⁽³⁾	2.79%	Both	1/2019-4/2021	397			500
HFLF Series 2018-1⁽³⁾	3.24%	Both	7/2019-6/2021	550			—
				1,151			963
Vehicle Debt - Other
U.S. Vehicle RCF	5.01%	Floating	6/2021	146			186
European Revolving Credit Facility	N/A	Floating	N/A	—			184
European Vehicle Notes⁽⁴⁾	5.07%	Fixed	10/2021-3/2023	829			773
European Securitization⁽²⁾	N/A	N/A	N/A	—			367
European ABS⁽²⁾	1.75%	Floating	10/2020	600			—
Canadian Securitization⁽²⁾	3.43%	Floating	3/2020	220			237
Australian Securitization⁽²⁾	3.63%	Floating	3/2020	155			155
New Zealand RCF	4.64%	Floating	3/2020	40			42
U.K. Financing Facility	3.08%	Floating	1/2019-9/2021	242			251
Other Vehicle Debt	3.99%	Floating	1/2019-10/2022	42			51
				2,274			2,246
Unamortized Debt Issuance Costs and Net (Discount) Premium				(43		)	(40		)
Total Vehicle Debt				11,902			10,431
Total Debt				$	16,324		$	14,865

N/A - Not applicable


(1)	References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth in the table below. Outstanding principal amounts for each such series of the Senior Notes is also specified below:



(In millions)	Outstanding Principal
Senior Notes	December 31, 2018		December 31, 2017
5.875% Senior Notes due October 2020	$	700	$	700
7.375% Senior Notes due January 2021	500		500
6.250% Senior Notes due October 2022	500		500
5.500% Senior Notes due October 2024	800		800
	$	2,500	$	2,500

(2)

Maturity reference is to the earlier "expected final maturity date" as opposed to the subsequent "legal final maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the outstanding principal of the relevant indebtedness to be repaid in full. The legal final maturity date is the date on which the outstanding principal of the relevant indebtedness is legally due and payable in full.

(3)

In the case of the Hertz Fleet Lease Funding LP ("HFLF") Medium Term Notes, such notes are repayable from cash flows derived from third-party leases comprising the underlying HFLF collateral pool. The initial maturity date referenced for each series of HFLF Medium Term Notes represents the end of the revolving period for such series, at which time the related notes begin to amortize monthly by an amount equal to the lease collections payable to that series. To the extent the revolving period already has ended, the initial maturity date reflected is January 2019. The second maturity date referenced for each series of HFLF Medium Term Notes represents the date by which Hertz and the investors in the related series expect such series of notes to be repaid in full, which is based upon various assumptions made at the time of pricing of such notes, including the contractual amortization of the underlying leases as well as the assumed rate of prepayments of such leases. Such maturity reference is to the “expected final maturity date” as opposed to the subsequent “legal final maturity date.” The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. Although the underlying lease cash flows that support the repayment of the HFLF Medium Term Notes may vary, the cash flows generally are expected to approximate a straight line amortization of the related notes from the initial maturity date through the expected final maturity date.

(4)

References to the "European Vehicle Notes" include the series of Hertz Holdings Netherlands B.V.'s, an indirect wholly-owned subsidiary of Hertz organized under the laws of the Netherlands ("HHN BV"), unsecured senior notes (converted from Euros to U.S. dollars at a rate of 1.14 to 1 and 1.19 to 1 as of December 31, 2018 and 2017, respectively) set forth in the table below. Outstanding principal amounts for each such series of the European Vehicle Notes is also specified below:



(In millions)	Outstanding Principal
European Vehicle Notes	December 31, 2018		December 31, 2017
4.375% Senior Notes due January 2019	$	—	$	505
4.125% Senior Notes due October 2021	257		268
5.500% Senior Notes due March 2023	572		—
	$	829	$	773

Non-Vehicle Debt

Senior Facilities

In June 2016, in connection with the Spin-Off, Hertz entered into a credit agreement with respect to a new senior secured term facility (as amended, the “Senior Term Loan”) with a $700 million initial principal balance and a $1.7 billion senior secured revolving credit facility (as amended, the “Senior RCF” and, together with the Senior Term Loan, the “Senior Facilities”) with a portion of the Senior RCF available for the issuance of letters of credit and the issuance of swing line loans.

The interest rate applicable to the Senior Term Loan is based on a floating rate (subject to a LIBOR floor of 0.75%) that varies depending on Hertz’s consolidated total net corporate leverage ratio. The interest rates applicable to the Senior RCF are based on a floating rate that varies depending on Hertz’s consolidated total net corporate leverage ratio and corporate ratings.

During 2017, certain terms of the credit agreement governing the Senior Facilities were amended with the consent of the required lenders under such credit agreement. The amendments, among other things, (i) amended the terms of the financial maintenance covenant for the Senior RCF to test, when applicable, Hertz’s consolidated first lien net leverage ratio in lieu of Hertz’s consolidated total net corporate leverage ratio, (ii) provided that Hertz shall not make dividends and certain restricted payments unless a leverage ratio test is satisfied, (iii) added a covenant to restrict the incurrence of certain non-vehicle indebtedness which covenant permits the incurrence of additional indebtedness that is junior to the indebtedness under the Senior Facilities to the extent the amount outstanding under the Senior Facilities is less than $2.4 billion, (iv) capped the amount of unrestricted cash that may be netted for purposes of calculating the consolidated first lien net leverage ratio at $500 million unless a specified consolidated total gross corporate leverage ratio is met for a specified period, (v) amended the amortization of the Senior Term Loan such that it will amortize, payable in equal quarterly installments, in annual amounts equal to 2% per annum of the original principal amount of the term loans until the maturity date thereof, and (vi) amended certain financial definitions relating to the foregoing. Additionally, the amendments provided for the entry by Hertz into a standalone $400 million letter of credit facility (the "Letter of Credit Facility"). Additionally, during 2017, Hertz terminated $533 million of commitments under the Senior RCF, such that after giving effect to such terminations the Senior RCF consisted of a $1.167 billion senior secured revolving credit facility.

During 2018, Hertz terminated letters of credit issued under the Senior RCF with a stated amount of $305 million and reissued such letters of credit under the Letter of Credit Facility. As a result, the commitments under the Senior RCF were permanently reduced on a dollar-for-dollar basis, such that after giving effect to such reductions the Senior RCF consists of a $862 million senior secured revolving credit facility.

Senior Notes

During 2017, Hertz redeemed all $250 million of its outstanding 4.25% Senior Notes due April 2018 and all $450 million of its outstanding 6.75% Senior Notes due April 2019.

Hertz's obligations under the indentures for the Senior Notes are guaranteed by each of its direct and indirect U.S. subsidiaries that are guarantors under the Senior Facilities. The guarantees of such subsidiary guarantors may be released to the extent such subsidiaries no longer guarantee the Company's Senior Facilities in the U.S.

Senior Second Priority Secured Notes

In June 2017, Hertz issued $1.25 billion in aggregate principal amount of 7.625% Senior Second Priority Secured Notes due 2022 (the "Senior Second Priority Secured Notes").

Hertz's obligations under the indentures for the Senior Second Priority Secured Notes are guaranteed by each of its direct and indirect U.S. subsidiaries that are guarantors under the Senior Facilities. The guarantees of such subsidiary guarantors may be released to the extent such subsidiaries no longer guarantee the Company's Senior Facilities in the U.S.

Vehicle Debt

The governing documents of certain of the vehicle debt financing arrangements specified below contain covenants that, among other things, significantly limit or restrict (or upon certain circumstances may significantly restrict or prohibit) the ability of the borrowers/issuers, and the guarantors if applicable, to make certain restricted payments (including paying dividends, redeeming stock, making other distributions, loans or advances) to Hertz Holdings and Hertz, whether directly or indirectly. To the extent applicable, aggregate maximum borrowings are subject to borrowing base availability. There is subordination within certain series of vehicle debt based on class. Proceeds from the issuance of vehicle debt is typically used to acquire or refinance vehicles or to repay portions of outstanding principal amounts of vehicle debt with an earlier maturity.

HVF U.S. Vehicle Medium Term Notes

HVF Series 2010-1 Notes: In July 2010, HVF issued the Series 2010-1 Rental Car Asset Backed Notes in an aggregate original principal amount of $750 million.

HVF Series 2013-1 Notes: In January 2013, HVF issued the Series 2013-1 Rental Car Asset Backed Notes, Class A and Class B in an aggregate original principal amount of $950 million.

As of December 31, 2018, all HVF U.S. Vehicle Medium Term Notes have been paid in full.

HVF II U.S. ABS Program

In November 2013, Hertz established a securitization platform, the HVF II U.S. ABS Program, designed to facilitate its financing activities relating to the vehicles used by Hertz in the U.S. daily vehicle rental operations of its Hertz, Dollar, and Thrifty brands. Hertz Vehicle Financing II LP, a bankruptcy remote, indirect, wholly-owned, special purpose subsidiary of Hertz ("HVF II") is the issuer of variable funding notes and medium term notes under the HVF II U.S. ABS Program. HVF II has entered into a base indenture that permits it to issue term and revolving rental vehicle asset- backed securities, secured by one or more shared or segregated collateral pools consisting primarily of portions of the rental vehicles used in its U.S. vehicle rental operations and contractual rights related to such vehicles that have been allocated as the ultimate indirect collateral for HVF II's financings. Within each series of HVF II U.S. Vehicle Medium Term Notes there is subordination based on class.

The assets of HVF II and HVF II GP Corp. are owned by HVF II and HVF II GP Corp., respectively, and are not available to satisfy the claims of Hertz’s general creditors.

References to the “HVF II U.S. ABS Program” include HVF II’s U.S. Vehicle Variable Funding Notes and HVF II's U.S. Vehicle Medium Term Notes.

HVF II U.S. Vehicle Variable Funding Notes

HVF II Series 2013 Notes: During 2017, HVF II increased the commitments of the HVF II Series 2013 Notes by $415 million and transitioned $300 million of commitments available under the HVF II Series 2013-B Notes to the HVF Series 2013-A Notes.

In April 2018, HVF II increased the maximum commitments under the HVF II Series 2013 Notes by $250 million, such that after giving effect to such increase, the aggregate maximum principal amount of the HVF II Series 2013-A Notes and HVF II Series 2013-B Notes was approximately $3.4 billion and $300 million, respectively.

In February 2019, HVF II extended the maturities of $3.4 billion of existing commitments under the HVF II Series 2013-A Notes from March 2020 to March 2021 and added $400 million in new commitments. Additionally, the commitments under the HVF II Series 2013-B Notes were terminated.

HVF II Series 2017-A Notes: In March 2018, the HVF II Series 2017-A Notes were paid in full and all $500 million of commitments were terminated.

HVF II Series 2019-A Notes: In February 2019, HVF II issued the Series 2019-A Variable Funding Rental Car Asset Backed Notes with an aggregate maximum principal amount of $500 million and a maturity date of October 2019.

HVF II U.S. Vehicle Medium Term Notes

HVF II Series 2015-1 Notes: In April 2015, HVF II issued the Series 2015-1 Rental Car Asset Backed Notes, Class A, Class B, and Class C in an aggregate principal amount of $780 million.

HVF II Series 2015-2 Notes and HVF II Series 2015-3 Notes: In October 2015, HVF II issued the Series 2015-2 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D in an aggregate principal amount of $265 million and Series 2015-3 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D in an aggregate principal amount of $371 million.

HVF II Series 2016-1 Notes and HVF II Series 2016-2 Notes: In February 2016, HVF II issued the Series 2016-1 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D in an aggregate principal amount of $466 million and Series 2016-2 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D in an aggregate principal amount of $595 million.

HVF II Series 2016-3 Notes and HVF II Series 2016-4 Notes: In June 2016, HVF II issued the Series 2016-3 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D and Series 2016-4 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D each in an aggregate principal amount of $424 million.

HVF II Various Series 2015 and 2016 Class D Notes: In August 2017, Hertz sold the below notes, which it had acquired at the time of the respective HVF II initial offerings disclosed above and which were previously eliminated in consolidation, to third parties. The interest terms, maturity, and subordination of the notes sold to third parties remained consistent with the terms per the respective initial offerings.



(In millions)	Aggregate Principal Amount
HVF II Series 2015-2 Class D Notes	$	15
HVF II Series 2015-3 Class D Notes	21
HVF II Series 2016-1 Class D Notes	27
HVF II Series 2016-2 Class D Notes	34
HVF II Series 2016-3 Class D Notes	24
HVF II Series 2016-4 Class D Notes	24
Total	$	145

HVF II Series 2017-1 Notes and HVF II Series 2017-2 Notes: In September 2017, HVF II issued the Series 2017-1 Rental Car Asset Backed Notes, Class A, Class B, Class C, and Class D in an aggregate principal amount of $450 million and the Series 2017-2 Rental Car Asset Backed Notes, Class A, Class B, Class C, and Class D in an aggregate principal amount of $370 million.

HVF II Series 2018-1 Notes: In January 2018, HVF II issued the Series 2018-1 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D in an aggregate principal amount of $1.1 billion.

HVF II Series 2018-2 Notes and HVF II Series 2018-3 Notes: In June 2018, HVF II issued the Series 2018-2 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D and the Series 2018-3 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D each in an aggregate principal amount of $213 million.

HVF II Various Series 2017 and 2018 Class D Notes: At the time of the respective HVF II initial offering disclosed above, an affiliate of HVF II purchased the Class D Notes. Accordingly, the related principal amounts below are eliminated in consolidation as of December 31, 2018.



(In millions)	Aggregate Principal Amount
HVF II Series 2017-2 Class D Notes	$	20
HVF II Series 2018-1 Class D Notes	58
HVF II Series 2018-2 Class D Notes	13
HVF II Series 2018-3 Class D Notes	13
Total	$	104

HVF II Series 2019-1 Notes: In February 2019, HVF II issued the Series 2019-1 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D in an aggregate principal amount of $745 million. An affiliate of HVF II purchased the Class D Notes of each such series at the time of issuance, and as a result, $45 million of the aggregate principal amount will be eliminated in consolidation.

Donlen ABS Program

Hertz Vehicle Lease Funding LP, a bankruptcy remote, indirect, wholly-owned, special purpose subsidiary of Donlen ("HFLF") is the issuer under the Donlen U.S. ABS Program. HFLF has entered into a base indenture that permits it to issue term and revolving vehicle lease asset-backed securities. Donlen utilizes the HFLF securitization platform to finance its U.S. vehicle leasing operations. The notes issued by HFLF are ultimately backed by a special unit of beneficial interest in a pool of leases and the related vehicles.

References to the “Donlen ABS Program” include HFLF’s Variable Funding Notes together with HFLF’s Medium Term Notes.

HFLF Variable Funding Notes

HFLF Series 2013-2 Notes: In connection with the establishment of the HFLF financing platform, in September 2013, HFLF executed a committed financing arrangement with an aggregate maximum principal amount of $500 million as upsized.

In February 2019, HFLF amended the HFLF Series 2013-2 Notes to extend the end of the revolving period from March 2020 to March 2021.

HFLF Medium Term Notes

HFLF Series 2015-1 Notes: In June 2015, HFLF issued $300 million in aggregate principal amount of Series 2015-1 Floating Rate Asset Backed Notes, Class A, Class B, Class C, Class D and Class E. The HFLF Series 2015-1 Notes are floating rate and carry an interest rate based upon a spread to one-month LIBOR.

HFLF Series 2016-1 Notes: In April 2016, HFLF issued the Series 2016-1 Asset Backed Notes, Class A, Class B, Class C, Class D and Class E in an aggregate principal amount of $400 million. The HFLF Series 2016-1 Notes (other than the Class A-2 Notes which are fixed rate) are floating rate and carry an interest rate based upon a spread to one-month LIBOR. The interest terms, maturity, and subordination of the notes sold to third parties remained consistent with the terms per the initial offering.

HFLF Series 2017-1 Notes: In April 2017, HFLF issued the Series 2017-1 Asset Backed Notes, Class A, Class B, Class C, Class D and Class E in an aggregate principal amount of $500 million. The HFLF Series 2017-1 Notes are fixed rate, except for the Class A-1 Notes which are floating rate and carry an interest rate based upon a spread to one-month LIBOR.

HFLF Series 2018-1 Notes: In May 2018, HFLF issued the Series 2018-1 Asset Backed Notes, Class A, Class B, Class C, Class D and Class E in an aggregate principal amount of $550 million. The HFLF Series 2018-1 Notes are fixed rate, except for the Class A-1 Notes which are floating rate and carry an interest rate based upon a spread to one-month LIBOR. A portion of the net proceeds from the issuance of the HFLF Series 2018-1 Notes were used to reduce amounts outstanding under the HFLF Series 2013-2 Notes.

Vehicle Debt-Other

U.S. Vehicle Revolving Credit Facility

In June 2016, in connection with the Spin-Off, Hertz executed a U.S. Vehicle Revolving Credit Facility of $200 million (the “U.S. Vehicle RCF”). Eligible vehicle collateral for the U.S. Vehicle RCF includes retail vehicle sales inventory, certain vehicles in Hawaii and Kansas and other vehicles owned by certain of the Company’s U.S. operating companies.

As of December 31, 2018, the U.S. Vehicle RCF consists of a $146 million revolving credit facility.

European Revolving Credit Facility

In March 2018, HHN BV amended the European Revolving Credit Facility to provide for aggregate maximum borrowing capacity of up to €438 million during the peak rental season (subject to borrowing base availability), for a seasonal commitment period through October 2018, at which time the European Revolving Credit Facility was terminated, in connection with the establishment of the European ABS.

European Vehicle Notes

The European Vehicle Notes are the primary vehicle financing for the Company's vehicle rental operations in Italy, Belgium and Luxembourg and finances a portion of its assets in the United Kingdom, France, The Netherlands, Spain and Germany. The agreements governing the European Vehicle Notes contain covenants that apply to the Hertz credit group similar to those for the Senior Notes. The terms of the European Vehicle Notes permit HHN BV to incur additional indebtedness that would be pari passu with the European Vehicle Notes.

In September 2016, HHN BV issued the 4.125% Senior Notes due October 2021 in an aggregate original principal amount of €225 million.

In March 2018, HHN BV issued 5.50% Senior Notes due March 2023 in an aggregate original principal amount of €500 million (the "2023 Notes"). A portion of the net proceeds from the issuance of the 2023 Notes were used in April 2018 to fully redeem all €425 million of HHN BV's 4.375% Senior Notes due January 2019.

European Securitization

In October 2018, the European Securitization was terminated in connection with the establishment of the European ABS.

European ABS

In October 2018, International Fleet Financing No.2 B.V (“IFF No. 2”), a special purpose entity which is intended to be bankruptcy remote, issued variable funding rental car asset-backed notes that permit borrowings by IFF No. 2 on a revolving basis in an aggregate amount up to €1.0 billion with a term of two years ("European ABS"). The European ABS is the primary vehicle financing facility for the Company's vehicle rental operations in France, the Netherlands, Germany and Spain. The lenders under the European ABS have been granted a security interest in the owned rental vehicles used in the Company's vehicle rental operations in these countries and certain contractual rights related to such vehicles.

In connection with the establishment of the European ABS, the Company terminated the European Revolving Credit Facility and the European Securitization.

Canadian Securitization

In September 2015, Hertz established a new securitization platform (the “Canadian Securitization”) designed to facilitate its financing activities relating to the vehicles used by Hertz in the Canadian daily vehicle rental operations. The lenders under the Canadian Securitization have been granted a security interest primarily in the owned rental vehicles used in the Company's vehicle rental operations in Canada and certain contractual rights related to such vehicles as well as certain other assets owned by the Hertz entities connected to the financing. TCL Funding Limited Partnership, a bankruptcy remote, indirect, wholly-owned, special purpose subsidiary of Hertz (“Funding LP”), is the issuer under the Canadian Securitization. In connection with the establishment of the Canadian Securitization, Funding LP issued the Series 2015-A Variable Funding Rental Car Asset Backed Notes (the “Funding LP Series 2015-A Notes”) that provided for aggregate maximum borrowings of CAD$350 million on a revolving basis.

In May 2018, Funding LP amended the Canadian Securitization to provide for aggregate maximum borrowing capacity (subject to borrowing base availability) of up to CAD$410 million during the peak rental season, for a seasonal commitment period through October 2018. Following the expiration of the seasonal commitment period, aggregate maximum borrowings available under the Funding LP Series 2015-A Notes reverted to CAD$350 million (subject to borrowing base availability).

Australian Securitization

In November 2010, HA Fleet Pty Limited, an indirect wholly-owned subsidiary of Hertz entered into a facility agreement that provided for aggregate maximum borrowings of AUD$250 million on a revolving basis under an asset-backed securitization facility (the “Australian Securitization”). The Australian Securitization is the primary fleet financing for Hertz's vehicle rental operations in Australia. The lender under the Australian Securitization has been granted a security interest primarily in the owned rental vehicles used in its vehicle rental operations in Australia and certain contractual rights related to such vehicles.

In November 2017, HA Fleet Pty Limited amended the Australian Securitization to extend the maturity of AUD$250 million aggregate maximum available borrowings from July 2018 to March 2020.

New Zealand Revolving Credit Facility

In September 2016, Hertz New Zealand Holdings Limited, an indirect wholly-owned subsidiary of Hertz, entered into a credit agreement that provided for aggregate maximum borrowings of NZD$60 million on a revolving basis under an asset-based revolving credit facility (the “New Zealand RCF”). The New Zealand RCF is the primary vehicle financing facility for its vehicle rental operations in New Zealand.

In November 2017, Hertz New Zealand Holdings Limited amended the New Zealand Revolving Credit Facility to extend the maturity of NZD$60 million from September 2018 to March 2020.

U.K. Financing Facility

In May 2018, Hertz U.K. Limited amended its credit agreement ("U.K. Financing Facility") to provide for aggregate maximum borrowing capacity (subject to asset availability) of up to £287.5 million during the peak rental season, and in July 2018, the U.K. Financing Facility was further amended to provide for aggregate maximum borrowing capacity (subject to asset availability) of up to £300 million during the peak rental season, for a seasonal commitment period through September 2018. Following the expiration of the seasonal commitment period, aggregate maximum borrowings available under the U.K. Financing Facility reverted to £250 million (subject to asset availability).

Loss on Extinguishment of Debt

The Company incurred losses in the form of early redemption premiums and/or the write-off of deferred financing costs associated with the redemptions and terminations described above. Losses on extinguishment of debt are presented in vehicle and non-vehicle interest expense, net, as applicable in the accompanying statements of operations. The following table reflects the amount of losses for each respective redemption/termination:



	Years Ended December 31,
Redemption/Termination (In millions)	2018		2017		2016
Non-Vehicle Debt:
Senior Term Facilities	$	—	$	—	$	15
Senior RCF	—		7		—
4.25% Senior Notes due April 2018	—		6		—
7.50% Senior Notes due October 2018	—		—		18
6.75% Senior Notes due April 2019	—		—		16
Total Non-Vehicle Debt	—		13		49
Vehicle Debt:
HVF II Series 2014-A	—		—		6
HVF II Series 2017-A	2		—		—
4.375% European Vehicle Notes due 2019	20		—		—
Total Vehicle Debt	22		—		6
Total Loss on Extinguishment of Debt	$	22	$	13	$	55

Maturities

At December 31, 2018, the nominal amounts of maturities of debt for each of the years ending December 31 are as follows:



(In millions)	2019		2020		2021		2022		2023		After 2023
Non-Vehicle Debt	$	16	$	714	$	515	$	1,764	$	619	$	827
Vehicle Debt	1,597		6,412		1,813		352		1,771		—
Total	$	1,613	$	7,126	$	2,328	$	2,116	$	2,390	$	827

The Company is highly leveraged and a substantial portion of its liquidity requirements arise from servicing its indebtedness and from funding its operations, including purchases of revenue earning vehicles, and funding non-vehicle capital expenditures. The Company’s practice is to maintain sufficient liquidity through cash from operations, credit facilities and other financing arrangements, to mitigate any adverse impact on its operations resulting from adverse financial market conditions.

As of December 31, 2018, $1.6 billion of vehicle debt and $16 million of non-vehicle debt was due to mature in 2019. The Company has reviewed its debt facilities and determined that it is probable that the Company will be able, and has the intent, to refinance these facilities at such times as the Company determines appropriate prior to their respective maturities. Also, as of December 31, 2018, the Company was in compliance with its financial maintenance covenant under the Senior RCF and the Letter of Credit Facility, see "Covenant Compliance" below.

Borrowing Capacity and Availability

Borrowing capacity and availability comes from the Company's "revolving credit facilities," which are a combination of variable funding asset-backed securitization facilities, cash-flow-based revolving credit facilities, asset-based revolving credit facilities and the Letter of Credit Facility. Creditors under each such asset-backed securitization facility and asset-based revolving credit facility have a claim on a specific pool of assets as collateral. The Company's ability to borrow under each such asset-backed securitization facility and asset-based revolving credit facility is a function of, among other things, the value of the assets in the relevant collateral pool. With respect to each such asset-backed securitization facility and asset-based revolving credit facility, the Company refers to the amount of debt it can borrow given a certain pool of assets as the borrowing base.

The Company refers to "Remaining Capacity" as the maximum principal amount of debt permitted to be outstanding under the respective facility (i.e., with respect to a variable funding asset-backed securitization facility or asset-based revolving credit facility, the amount of debt the Company could borrow assuming it possessed sufficient assets as collateral) less the principal amount of debt then-outstanding under such facility. With respect to a variable funding asset-backed securitization facility or asset-based revolving credit facility, the Company refers to "Availability Under Borrowing Base Limitation" as the lower of Remaining Capacity or the borrowing base less the principal amount of debt then-outstanding under such facility (i.e., the amount of debt that can be borrowed given the collateral possessed at such time). With respect to the Senior RCF and the Letter of Credit Facility, "Availability Under Borrowing Base Limitation" is the same as "Remaining Capacity" since borrowings under the Senior RCF and availability for issuances of letters of credit under the Letter of Credit Facility are not subject to a borrowing base.

The following facilities were available to the Company as of December 31, 2018 and are presented net of any outstanding letters of credit:



(In millions)	Remaining Capacity		Availability Under Borrowing Base Limitation
Non-Vehicle Debt
Senior RCF	$	496	$	496
Letter of Credit Facility	3		3
Total Non-Vehicle Debt	499		499
Vehicle Debt
U.S. Vehicle RCF	—		—
HVF II U.S. Vehicle Variable Funding Notes	725		—
HFLF Variable Funding Notes	180		19
European ABS	543		69
Canadian Securitization	37		—
Australian Securitization	21		—
U.K. Financing Facility	73		—
New Zealand RCF	—		—
Total Vehicle Debt	1,579		88
Total	$	2,078	$	587

Letters of Credit

In November 2017, Hertz entered into a credit agreement with respect to the Letter of Credit Facility. At Hertz’s option and subject to certain conditions, Hertz may request the issuing banks party to the Letter of Credit Facility to issue letters of credit for itself and on behalf of certain of Hertz’s domestic subsidiaries. The Letter of Credit Facility consists of $400 million of commitments from the issuing banks party thereto. Availability under the Letter of Credit Facility will be limited to an amount equal to the amount of commitments terminated under the Senior RCF. The Letter of Credit Facility will mature on June 30, 2021.

As of December 31, 2018, there were outstanding standby letters of credit totaling $677 million. Such letters of credit have been issued primarily to support the Company's insurance programs, vehicle rental concessions and leaseholds as well as to provide credit enhancement for its asset-backed securitization facilities. Of this amount, $366 million was issued under the Senior RCF and $302 million were issued under the Letter of Credit Facility. As of December 31, 2018, none of the issued letters of credit have been drawn upon.

Special Purpose Entities

Substantially all of the Company's revenue earning vehicles and certain related assets are owned by special purpose entities or are encumbered in favor of the lenders under the various credit facilities, other secured financings and asset-backed securities programs. None of such assets (including the assets owned by Hertz Vehicle Financing II LP, HVF II GP Corp., Hertz Vehicle Financing LLC, Rental Car Finance LLC, DNRS II LLC, HFLF, Donlen Trust and various international subsidiaries that facilitate the Company's international securitizations) are available to satisfy the claims of general creditors.

The Company has a 25% ownership interest in IFF No. 2, whose sole purpose is to provide commitments to lend in various currencies subject to borrowing bases comprised of revenue earning vehicles and related assets of certain of Hertz International, Ltd.'s subsidiaries. IFF No. 2 is a variable interest entity and the Company is the primary beneficiary, therefore, the assets, liabilities, and results of operations of IFF No. 2 are included in the Company's consolidated financial statements. As of December 31, 2018 and 2017, IFF No. 2 had total assets of $946 million and $524 million, respectively, primarily comprised of loans receivable, and total liabilities of $946 million and $524 million, respectively, primarily comprised of debt.

Covenant Compliance

Hertz and its subsidiaries are referred to as the Hertz credit group. The indentures for the Senior Notes and the Senior Second Priority Secured Notes contain covenants that, among other things, limit or restrict the ability of the Hertz credit group to incur additional indebtedness, incur guarantee obligations, prepay certain indebtedness, make certain restricted payments (including paying dividends, redeeming stock or making other distributions to parent entities of Hertz and other persons outside of the Hertz credit group), make investments, create liens, transfer or sell assets, merge or consolidate, and enter into certain transactions with Hertz's affiliates that are not members of the Hertz credit group.

Certain of the Company's other debt instruments and credit facilities (including the Senior Facilities and Letter of Credit Facility) contain a number of covenants that, among other things, limit or restrict the ability of the borrowers and the guarantors to dispose of assets, incur additional indebtedness, incur guarantee obligations, prepay certain indebtedness, make certain restricted payments (including paying dividends, share repurchases or making other distributions), create liens, make investments, make acquisitions, engage in mergers, fundamentally change the nature of their business, make capital expenditures, or engage in certain transactions with certain affiliates. The Senior RCF and the Letter of Credit Facility contain a financial maintenance covenant that is only applicable to such facilities. This financial covenant and related components of its computation are defined in the credit agreements related to such facilities.

The credit agreements governing the Company's Senior Facilities and Letter of Credit Facility require Hertz upon a change of control, as defined therein, to make an offer to repay in full all amounts outstanding thereunder upon such a change of control. The Company's failure to make such an offer would result in an event of default thereunder. In addition, the indentures governing the Company's Senior Notes and Senior Second Priority Secured Notes require Hertz upon a change of control, as defined therein, to make an offer to repurchase all of such outstanding Senior Notes and Senior Second Priority Secured Notes at a price equal to 101% of the principal amount, together with any accrued and unpaid interest. If Hertz failed to repurchase the Senior Notes and Senior Second Priority Secured Notes, Hertz would be in default under the related indenture. Certain of the Company's other indebtedness also could result in defaults and/or amortization events upon the occurrence of certain change of control events, as defined therein.

The financial covenant provides that Hertz’s consolidated first lien net leverage ratio, as defined in the credit agreements governing the Senior RCF and the Letter of Credit Facility, as of the last day of any fiscal quarter may not exceed a ratio of 3.00 to 1.00 (the "Covenant Leverage Ratio"). As of December 31, 2018, Hertz was in compliance with the Covenant Leverage Ratio.

Accrued Interest

As of December 31, 2018 and 2017, accrued interest was $73 million and $71 million, respectively, which is included within the accompanying consolidated balance sheets in accrued liabilities.

Restricted Net Assets

As a result of the contractual restrictions on Hertz's or its subsidiaries' ability to pay dividends (directly or indirectly) under various terms of its debt, as of December 31, 2018, the restricted net assets of the subsidiaries of Hertz and Hertz Global exceed 25% of their total consolidated net assets, respectively.

Employee Retirement Benefits

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

The Company sponsors multiple domestic and international employee benefit plans. Benefits are based upon years of service and compensation. The Hertz Corporation Account Balance Defined Benefit Pension Plan (the “Hertz Retirement Plan”) is a U.S. cash balance plan which was amended in 2014 to permanently discontinue future benefit accruals and participation under the plan for non-union employees. Some of the Company’s international subsidiaries have defined benefit retirement plans or participate in various insured or multiemployer plans. In certain countries, when the subsidiaries make the required funding payments, they have no further obligations under such plans. The Company's benefit plans are generally funded, except for certain nonqualified U.S. defined benefit plans and in Germany and France, where unfunded liabilities are recorded. The Company also sponsors defined contribution plans for certain eligible U.S. and non-U.S. employees, where contributions are matched based on specific guidelines in the plans.

The Company also sponsors postretirement health care and life insurance benefits for a limited number of employees with hire dates prior to January 1, 1990.

Management makes certain assumptions relating to discount rates, salary growth, long-term return on plan assets, retirement rates, mortality rates and other factors when determining amounts to be recognized. These assumptions are reviewed annually by management, assisted by the enrolled actuary, and updated as warranted. The Company uses a December 31 measurement date for all of the plans and utilizes fair value to calculate the market-related value of pension assets for purposes of determining the expected return on plan assets and accounting for asset gains and losses.

Actual results that differ from the Company's assumptions are accumulated and amortized over future periods and, therefore, significant differences in actual experience or significant changes in assumptions would affect the Company's pension costs and obligations. The Company recognizes an asset for each overfunded plan and a liability for each underfunded plan in the consolidated balance sheets. Pension plan liabilities are revalued annually based on updated assumptions and information about the individuals covered by the plan. For pension plans, if accumulated actuarial gains and losses are in excess of a 10 percent corridor, the excess is amortized on a straight-line basis over the average remaining service period of active participants. Prior service cost and the transition asset are amortized on a straight-line basis from the date recognized over the average remaining service period of active participants, when applicable.

Employee Matters Agreement

As described in Note 3, "Discontinued Operations," Hertz Global and Herc Holdings entered into the Employee Matters Agreement to allocate liabilities and responsibilities relating to employment matters, employee compensation, benefit plans and programs and other related matters in connection with the Spin-Off. The Employee Matters Agreement governs the Company's and Herc Holdings’ obligations with respect to such matters for current and former employees of the vehicle rental business and the equipment rental business. The Employee Matters Agreement specifies the method by which the pension plans are split in connection with the Spin-Off. Pension liabilities and an associated asset allocation related to employees of the equipment rental business were transferred to a new plan. The pension asset allocation was completed in 2017.

The following tables set forth the funded status and the net periodic pension cost of the Hertz Retirement Plan and other U.S. based retirement plans, other postretirement benefit plans including health care and life insurance plans covering domestic (“U.S.”) employees and the retirement plans for international operations (“Non-U.S.”), together with amounts included in the accompanying consolidated balance sheets and statements of operations:



	Pension Benefits												Postretirement
	U.S.						Non-U.S.						Benefits (U.S.)
(In millions)	2018			2017			2018			2017			2018			2017
Change in Benefit Obligation
Benefit obligation as of January 1	$	555		$	538		$	279		$	257		$	14		$	14
Service cost	1			1			1			1			—			—
Interest cost	19			21			7			6			1			1
Employee contributions	—			—			—			—			—			—
Plan amendments	—			—			1			—			—			—
Plan curtailments	—			(1		)	—			—			—			—
Plan settlements	(31		)	(2		)	—			—			—			—
Benefits paid	(4		)	(22		)	(6		)	(8		)	(1		)	(2		)
Foreign currency exchange rate translation	—			—			(13		)	27			—			—
Actuarial loss (gain)	(23		)	20			(23		)	(4		)	(2		)	1
Transfers in connection with the Spin-Off	(1		)	—			—			—			—			—
Benefit obligation as of December 31	$	516		$	555		$	246		$	279		$	12		$	14
Change in Plan Assets
Fair value of plan assets as of January 1	$	526		$	459		$	217		$	188		$	—		$	—
Actual return (loss) gain on plan assets	(42		)	84			(12		)	15			—			—
Company contributions	5			3			4			4			1			2
Employee contributions	—			—			—			—			—			—
Plan settlements	(31		)	(2		)	—			—			—			—
Benefits paid	(4		)	(22		)	(6		)	(8		)	(1		)	(2		)
Foreign currency exchange rate translation	—			—			(11		)	18			—			—
Transfers in connection with the Spin-Off	—			—			—			—			—			—
Amounts associated with the Spin-Off	(2		)	4			—			—			—			—
Fair value of plan assets as of December 31	$	452		$	526		$	192		$	217		$	—		$	—
Funded Status of the Plan
Plan assets less than benefit obligation	$	(64	)	$	(29	)	$	(54	)	$	(62	)	$	(12	)	$	(14	)



	Pension Benefits												Postretirement
	U.S.						Non-U.S.						Benefits (U.S.)
($ in millions)	2018			2017			2018			2017			2018			2017
Amounts recognized in balance sheet:
Prepaid expenses and other assets	$	—		$	—		$	21		$	17		$	—		$	—
Accrued liabilities	(64		)	(29		)	(75		)	(79		)	(12		)	(14		)
Net obligation recognized in the balance sheet	$	(64	)	$	(29	)	$	(54	)	$	(62	)	$	(12	)	$	(14	)

Prior service credit	$	—		$	—		(1		)	$	—		—			$	—
Net gain (loss)	(87		)	(43		)	(58		)	(62		)	1			(1		)
Accumulated other comprehensive income (loss)	(87		)	(43		)	(59		)	(62		)	1			(1		)
Funded/(Unfunded) accrued pension or postretirement benefit	23			14			5			—			(13		)	(13		)
Net obligation recognized in the balance sheet	$	(64	)	$	(29	)	$	(54	)	$	(62	)	$	(12	)	$	(14	)

Total recognized in other comprehensive (income) loss	$	44		$	(43	)	$	(2	)	$	(4	)	$	(2	)	$	1
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	40		$	(43	)	$	(5	)	$	(5	)	$	(1	)	$	2
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next fiscal year:
Net gain (loss)	$	5		$	(1	)	$	(1	)	$	(1	)	$	—		$	—
Accumulated Benefit Obligation as of December 31	$	516		$	554		$	245		$	278		N/A			N/A

Weighted average assumptions as of December 31
Discount rate	4.2		%	3.6		%	2.7		%	2.4		%	4.2		%	3.5		%
Expected return on assets	6.3		%	6.3		%	4.9		%	5.2		%	N/A			N/A
Average rate of increase in compensation	4.3		%	4.3		%	2.8		%	2.8		%	N/A			N/A
Initial health care cost trend rate	N/A			N/A			N/A			N/A			6.1		%	6.4		%
Ultimate health care cost trend rate	N/A			N/A			N/A			N/A			4.5		%	4.5		%
Number of years to ultimate trend rate	N/A			N/A			N/A			N/A			20			21

N/A - Not applicable

The discount rate used to determine the December 31, 2018 and 2017 benefit obligations for U.S. pension plans is based on the rate from the Mercer Pension Discount Curve-Above Mean Yield that is appropriate for the duration of the Company's plan liabilities. For its plans outside the U.S., the discount rate reflects the market rates for an optimized subset of high-quality corporate bonds currently available. The discount rate in a country was determined based on a yield curve constructed from high quality corporate bonds in that country. The rate selected from the yield curve has a duration that matches its plan.

The expected return on plan assets for each funded plan is based on expected future investment returns considering the target investment mix of plan assets.

The following table sets forth the net periodic pension and postretirement (including health care, life insurance and auto) expense charged to net income (loss) from continuing operations:



	Pension Benefits																		Postretirement Benefits (U.S.)
	U.S.									Non-U.S.									Postretirement Benefits (U.S.)
	Years Ended December 31,
($ in millions)	2018			2017			2016			2018			2017			2016			2018			2017			2016
Components of Net Periodic Pension and Postretirement (Expense) Benefit
Service cost	$	1		$	1		$	2		$	1		$	1		$	1		$	—		$	—		$	—
Interest cost	19			21			24			7			6			8			1			1			1
Expected return on plan assets	(28		)	(26		)	(32		)	(11		)	(10		)	(11		)	—			—			—
Net amortizations	1			3			6			1			2			—			—			—			—
Settlement loss	3			1			5			—			—			—			—			—			—
Net pension and postretirement expense (benefit)	$	(4	)	$	—		$	5		$	(2	)	$	(1	)	$	(2	)	$	1		$	1		$	1
Weighted average discount rate for expense (January 1)	3.6		%	4.0		%	4.3		%	2.4		%	2.5		%	3.6		%	3.5		%	3.9		%	4.2		%
Weighted average assumed long-term rate of return on assets (January 1)	6.3		%	7.0		%	7.2		%	5.2		%	5.2		%	6.1		%	N/A			N/A			N/A
Initial health care cost trend rate	N/A			N/A			N/A			N/A			N/A			N/A			6.4		%	6.7		%	6.9		%
Ultimate health care cost trend rate	N/A			N/A			N/A			N/A			N/A			N/A			4.5		%	4.5		%	4.5		%
Number of years to ultimate trend rate	N/A			N/A			N/A			N/A			N/A			N/A			20			21			22

N/A - Not applicable

The net of tax loss in accumulated other comprehensive income (loss) as of December 31, 2018 and 2017 relating to pension benefits of the Hertz Retirement Plan was $115 million and $76 million, respectively. Changing the assumed health care cost trend rates by one percentage point is not expected to have a material impact on the total of service and interest cost components or on the postretirement benefit obligation.

The provisions charged to net income (loss) from continuing operations for the years ended December 31, 2018, 2017 and 2016 for all other pension plans were approximately $10 million, $10 million and $9 million, respectively.

Net pension and postretirement expense for the year ended December 31, 2016 includes a settlement loss of approximately $5 million relating to lump-sum distributions to participants primarily due to restructuring actions taken during the year.

The provisions charged to net income (loss) from continuing operations for the years ended December 31, 2018, 2017 and 2016 for the defined contribution plans were approximately $26 million, $23 million and $23 million, respectively.

Plan Assets

The Company has a long-term investment outlook for the assets held in the Company sponsored plans, which is consistent with the long-term nature of each plan's respective liabilities. The Company has two major plans which reside in the U.S. and the United Kingdom.

The U.S. Plan

The U.S. Plan (the “Plan”) currently has a target asset allocation of 65% equity and 35% fixed income. The equity portion of the Plan is primarily invested in passively managed equity funds, along with international and emerging market funds that are actively managed. The fixed income portion of the Plan is actively managed by professional investment managers and is benchmarked to the Bloomberg Barclays U.S. Long Government/Credit Index. The Plan assumes a 6.3% expected long-term annual weighted average rate of return on assets.

The fair value measurements of the Company's U.S. pension plan assets are based upon inputs that reflect quoted prices for identical assets or liabilities in active markets that are observable (Level 1) and significant observable inputs (Level 2) that reflect quoted prices for similar assets or liabilities in active markets. The fair value measurements of the U.S. pension plan assets relate to common collective trusts and other pooled investment vehicles consisting of the following asset categories:



(In millions)	December 31, 2018				December 31, 2017
Asset Category	Level 1		Level 2		Level 1		Level 2
Cash	$	1	$	—	$	1	$	—
Short Term Investments	—		3		—		2
Equity Funds:
U.S. Large Cap	—		121		—		148
U.S. Mid Cap	—		34		—		42
U.S. Small Cap	—		27		—		33
International Large Cap	—		76		—		87
International Emerging Markets	—		23		—		26
Asset-Backed Securities	—		8		—		8
Fixed Income Securities:
U.S. Treasuries	—		51		—		53
Corporate Bonds	—		82		—		96
Government Bonds	—		8		—		10
Municipal Bonds	—		11		—		12
Real Estate (REITs)	—		7		—		8
Total fair value of pension plan assets	$	1	$	451	1		525

The U.K. Plan

The Company's United Kingdom defined benefit pension plan (the "U.K. Plan") has a target allocation of 37.5% actively managed multi-asset funds, 27.5% passive equity funds and 35% protection portfolio that consists of liability driven investments, Sterling liquidity fund and United Kingdom corporate bonds. The actively managed multi-asset funds are intended to deliver a long-term equity-like return but with reduced levels of volatility. The protection portfolio is designed to partially hedge the interest rate and inflation expectation exposure of the liabilities which are measured on a local regulatory basis. The amount that is required to be invested in each fund to maintain target hedge ratios will vary over time as the value of the liabilities changes and the allocations within the protection portfolio will be allowed to vary accordingly. All of the invested assets of the U.K. Plan are held via pooled funds managed by professional investment managers. The U.K. Plan assumes a 4.9% expected long-term weighted average rate of return on assets for the Plan in total.

The Company's U.K. Plan accounts for $186 million of the $192 million in fair value of Non-U.S. plan assets as of December 31, 2018 and accounts for $211 million of the $217 million in fair value of Non-U.S. plan assets as of December 31, 2017. The fair value measurements of the Company's U.K. Plan assets are based upon inputs that reflect quoted prices for identical assets or liabilities in active markets that are observable (Level 1) and significant observable inputs that reflect quoted prices for similar assets or liabilities in active markets (Level 2). The fair value measurements of the U.K. Plan assets relate to common collective trusts and other pooled investment vehicles consisting of the following asset categories:



(In millions)	December 31, 2018				December 31, 2017
Asset Category	Level 1		Level 2		Level 1		Level 2
Actively Managed Multi-Asset Funds:
Diversified Growth Funds	$	—	$	36	$	—	$	76
Multi Asset Credit	—		32		—		—
Passive Equity Funds:
U.K. Equities	—		23		—		28
Overseas Equities	—		28		—		33
Passive Bond Funds:
Corporate Bonds	—		21		—		23
Index-Linked Gilts	—		—		—		—
Liability Driven Investments	—		35		—		42
Liquidity Fund	11		—		9		—
Total fair value of pension plan assets	$	11	$	175	$	9	$	202

Contributions

The Company's policy for funded plans is to contribute annually, at a minimum, amounts required by applicable laws, regulations and union agreements. From time to time, the Company makes contributions beyond those legally required. In 2018 and 2017, the Company did not make any cash contributions to its U.S. qualified pension plan.

In 2018 and 2017, the Company made contributions to its U.S. non-qualified pension plans of $5 million and $3 million, respectively. The Company made discretionary contributions of $2 million and $3 million to its U.K. Plan during the years ended December 31, 2018 and 2017, respectively.

The Company does not anticipate contributing to the U.S. qualified pension plan during 2019. For the U.K. Plan the Company anticipates contributing $3 million during 2019 and does not anticipate contributing any significant amounts to its other international plans. The level of 2019 and future contributions will vary, and is dependent on a number of factors including investment returns, interest rate fluctuations, plan demographics, funding regulations and the results of the final actuarial valuation.

Estimated Future Benefit Payments

The following table presents estimated future benefit payments:



(In millions)	Pension Benefits		Postretirement Benefits (U.S.)
2019	$	46	$	1
2020	41		1
2021	43		1
2022	45		1
2023	48		1
After 2023	245		5
	$	468	$	10

Multiemployer Pension Plans

The Company contributes to several multiemployer defined benefit pension plans under collective bargaining agreements that cover certain of its union-represented employees. The risks of participating in such plans are different from the risks of single-employer plans, in the following respects:


a)	Assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.


b)	If a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.

If the Company ceases to have an obligation to contribute to the multiemployer plan in which the Company had been a contributing employer, the Company may be required to pay to the plan an amount based on the underfunded status of the plan and on the history of its participation in the plan prior to the cessation of its obligation to contribute. The amount that an employer that has ceased to have an obligation to contribute to a multiemployer plan is required to pay to the plan is referred to as a withdrawal liability.

The Company's participation in multiemployer plans is outlined in the table below. For plans that are not individually significant to the Company, the total amount of contributions is presented in the aggregate.



	EIN /Pension Plan Number	Pension Protection Act Zone Status		FIP / RP Status Pending /Implemented⁽¹⁾	Contributions by The Hertz Corporation (In millions)						Surcharge Imposed	Expiration Dates of Collective Bargaining Agreements
Pension Fund	EIN /Pension Plan Number	2018	2017	FIP / RP Status Pending /Implemented⁽¹⁾	2018		2017		2016		Surcharge Imposed	Expiration Dates of Collective Bargaining Agreements
Western Conference of Teamsters	91-6145047	Green	Green	NA	$	7	$	6	$	6	N/A	10/1/2020
Other Plans⁽²⁾					3		4		3
Total Contributions					$	10	$	10	$	9


N/A	Not applicable


(1)	Indicates whether a Funding Improvement Plan, as required under the Code to be adopted by plans in the “yellow” zone, or a Rehabilitation Plan, as required under the Code to be adopted by plans in the “red” zone, is pending or has been implemented as of the end of the plan year that ended in 2018.


(2)	Included in the Other Plans are contributions to the Local 1034 Pension Fund. The amount contributed by Hertz to the Local 1034 Pension Fund was reported as being more than 5% of total contributions to the plan, on the fund's Form 5500 for the year ended December 31, 2017.

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

As disclosed in the Revenue from Contracts with Customers section of Note 2, “Significant Accounting Policies” ("Note 2"), the Company adopted Topic 606 in accordance with the effective date on January 1, 2018. Note 2 includes disclosures regarding the Company’s method of adoption and the impact on the Company’s financial position, results of operations and cash flows. In the Leases section of Note 2, the Company discloses that it has concluded that revenue earned from vehicle rentals, and from other forms of rental related activities wherein an identified asset is transferred to the customer and the customer has the ability to control that asset, will be accounted for under Topic 842 upon its adoption. Until the Company adopts Topic 842, vehicle rental and rental related revenues are recognized in accordance with Topic 606.

The Company operates at airport rental locations in the U.S. and internationally ("airport") and at off airport locations also in the U.S. and internationally ("off airport"). For the Company's airport company-operated rental locations, the Company has obtained concessions or similar leasing agreements or arrangements, granting it the right to conduct a vehicle rental business at the respective airport. The terms of an airport concession typically require the Company to pay the airport's operator concession fees based upon a specified percentage of the revenues it generates at the airport, subject to a minimum annual guarantee. The terms of the Company's concessions typically do not forbid it from seeking, and in a few instances require it to seek, reimbursement from customers for concession fees it pays; however, in certain jurisdictions the law limits or forbids the Company from doing so. Where the Company is required or permitted to seek such reimbursement, it is its general practice to do so. The Company's airport rental customers are typically airline travelers; whereas the Company's off airport rental customers include people who prefer to rent vehicles closer to their home or place of work for business or leisure purposes, as well as those needing to travel to or from airports. The Company's off airport customers also include people who have been referred by, or whose rental costs are being wholly or partially reimbursed by, insurance companies following accidents in which their vehicles were damaged, those expecting to lease vehicles that are not yet available from their leasing companies and replacement renters. In addition, the Company's off airport customers include drivers for transportation network companies ("TNC").

The following table presents revenues from contracts with customers by reportable segment and disaggregated by product/service and type of location and customer:



	Year Ended December 31, 2018
(In millions)	U.S. Rental Car		International Rental Car		All Other Operations		Consolidated
Vehicle rental and rental related:
Airport	$	4,465	$	1,288	$	—	$	5,753
Off airport	1,881		842		—		2,723
Total vehicle rental and rental related	6,346		2,130		—		8,476

Other:
Licensee revenue	32		145		—		177
Ancillary retail vehicle sales	102		1		—		103
Fleet management	—		—		45		45
Total other	134		146		45		325
Total revenue from contracts with customers	$	6,480	$	2,276	$	45	$	8,801

The contract liability balance as of December 31, 2018 is $341 million and is included in accrued liabilities in the accompanying consolidated balance sheet. The contract liability as of January 1, 2018, after giving effect to the adoption of Topic 606, was $345 million and revenue recognized during the year ended December 31, 2018 for such contract liabilities is $127 million. Additionally, the Company elected to apply the practical expedient where the value of unsatisfied performance obligations for sales-based royalty fees from franchisees is not disclosed.

During the year ended December 31, 2018, based on the net impact of loyalty points earned and redeemed by customers, the Company recorded a net revenue deferral of $7 million. As of December 31, 2018, the value of unredeemed loyalty points is $272 million, which is recorded as a contract liability in accrued liabilities in the accompanying consolidated balance sheet.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

The stock-based compensation expense associated with the Hertz Holdings stock-based compensation plans is pushed down from Hertz Global and recorded on the books at the Hertz level.

Plans

Prior to the Spin-Off, Old Hertz Holdings board of directors adopted the Hertz Global Holdings, Inc. 2016 Omnibus Incentive Plan (the “Omnibus Plan”). The Omnibus Plan contains 6,600,000 shares which can be granted pursuant to the terms and conditions of the Omnibus Plan, plus an unspecified number of shares awarded in connection with distribution awards granted under the Omnibus Plan in accordance with the Employee Matters Agreement, in substitution of, or in accordance with, an outstanding award granted under an Old Hertz Holdings plan that was held by a participant immediately before the completion of the Spin-Off, as described in the next paragraph. The Omnibus Plan provides for grants of both equity and cash awards, including non-qualified stock options, incentive stock options, stock appreciation rights, performance awards (shares and units), restricted stock, restricted stock units and deferred stock units to key executives, employees and non-management directors. The shares of common stock to be delivered under the Omnibus Plan may consist, in whole or in part, of common stock held in treasury or authorized but unissued shares of common stock, not reserved for any other purpose.

In accordance with the Employee Matters Agreement entered into between the Hertz Global and Herc Holdings, as further described in Note 3, "Discontinued Operations," previously outstanding stock-based compensation awards granted under Old Hertz Holdings' equity compensation programs prior to the Spin-Off and held by certain executives and employees of Old Hertz Holdings were adjusted to reflect the impact of the Spin-Off on these awards. To preserve the aggregate intrinsic value of these stock-based compensation awards, as measured immediately before and immediately after the Spin-Off, each holder of Old Hertz Holdings stock-based compensation awards received an adjusted award consisting of a stock-based compensation award denominated in the equity of the company at which the person was employed following the Spin-Off. In the Spin-Off, the determination as to which type of adjustment applied to a holder’s previously outstanding Old Hertz Holdings award was based upon the type of stock-based compensation award that was to be adjusted and the date on which the award was originally granted under the Old Hertz Holdings equity compensation programs prior to the Spin-Off. At the Spin-Off, a total of 2,677,723 shares were awarded in connection with distribution awards granted pursuant to the Omnibus Plan in accordance with the Employee Matters Agreement.

Effective January 1, 2017, the Company's board of directors adopted the 2017 Executive Incentive Compensation Plan ("2017 EICP"), pursuant to which any awards granted were to be from shares available under the Omnibus Plan. The provisions of the plan provided for the pay out of any bonus earned in either cash or PSUs for certain groups of employees. The Company accumulated these charges as a liability until the grant date, March 2, 2018, at which time the liability was reclassified to equity and 324,000 shares were granted in connection with this program based on Hertz Global's stock price as of the grant date. During the year ended December 31, 2017, the Company recognized approximately $6 million of stock-based compensation expense associated with the 2017 EICP based on Hertz Global's stock price as of December 31, 2017. There are no outstanding awards under the 2017 EICP as of December 31, 2018.

As of December 31, 2018, the Company had 4,509,885 shares underlying awards outstanding under the Omnibus Plan.

Shares subject to any award (other than distribution awards) granted under the Omnibus Plan that for any reason are canceled, terminated, forfeited, settled in cash or otherwise settled without the issuance of common stock after the effective date of the Omnibus Plan will generally be available for future grants under the Omnibus Plan.

A summary of the total compensation expense and associated income tax benefits recognized, including the cost of stock options, RSUs, PSUs, and PSAs is as follows:



	Years Ended December 31,
(In millions)	2018			2017			2016
Compensation expense	$	14		$	19		$	13
Income tax benefit	(3		)	(8		)	(5		)
Total	$	11		$	11		$	8

As of December 31, 2018, there was approximately $26 million of total unrecognized compensation cost related to non-vested stock options, RSUs, PSUs and PSAs granted. The total unrecognized compensation cost is expected to be recognized over the remaining 1.6 years, on a weighted average basis, of the requisite service period that began on the grant dates.

Stock Options and Stock Appreciation Rights

All stock options and stock appreciation rights granted under the Omnibus Plan will have a per-share exercise price of not less than the fair market value of one share of Hertz Global's common stock on the grant date. Stock options and stock appreciation rights will vest based on a minimum period of service or the occurrence of events (such as a change in control, as defined in the Omnibus Plan) specified by the Compensation Committee of the Company's board of directors. No stock options or stock appreciation rights will be exercisable after a maximum of ten years from the grant date.

The Company accounts for options as equity-classified awards and recognizes compensation cost on a straight-line basis over the vesting period. The value of each option award is estimated on the grant date using a Black-Scholes option valuation model that incorporates the assumptions noted in the following table.

The Company calculates the expected volatility based on the historical movement of its stock price.



	Grants
Assumption	2018			2017			2016
Expected volatility	56.7		%	47.8		%	44.2		%
Expected dividend yield	—		%	—		%	—		%
Expected term (years)	5			7			5
Risk-free interest rate	2.57		%	1.95		%	1.00		%
Weighted average grant date fair value	$	8.92		$	9.44		$	39.35

A summary of option activity as of December 31, 2018 is presented below.



Options	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (In millions)
Outstanding as of January 1, 2018	1,134,694		$	44.35	4.3	$	—
Granted	524,817		17.76		—	—
Exercised	(10,847	)	2.80		—	—
Forfeited or Expired	(478,346	)	50.14		—	—
Outstanding as of December 31, 2018	1,170,318		30.44		4.8	—
Exercisable as of December 31, 2018	240,625		62.30		1.9	—

A summary of non-vested option activity as of December 31, 2018 is presented below.



	Non-vested Shares		Weighted Average Exercise Price		Weighted Average Grant-Date Fair Value
Non-vested as of January 1, 2018	764,289		$	35.25	$	13.54
Granted	524,817		17.76		8.92
Vested	(124,262	)	63.05		21.64
Forfeited	(235,151	)	33.14		13.28
Non-vested as of December 31, 2018	929,693		22.20		9.92

Additional information pertaining to option activity under the plans is as follows:



	Years Ended December 31,
(In millions)	2018		2017		2016
Aggregate intrinsic value of stock options exercised	$	—	$	—	$	12
Cash received from the exercise of stock options	—		—		10
Fair value of options that vested	3		3		10
Tax benefit realized on exercise of stock options	—		—		4

Performance Stock, Performance Stock Units, Performance Stock Awards, Restricted Stock and Restricted Stock Units

Performance stock, PSUs and PSAs granted under the Omnibus Plan will vest based on the achievement of pre-determined performance goals over performance periods determined by the Compensation Committee. Each of the units granted represent the right to receive one share of Hertz Global's common stock on a specified future date. In the event of an employee's death or disability, a pro rata portion of the employee's performance stock, PSUs and performance units will vest to the extent performance goals are achieved at the end of the performance period. Restricted stock and RSUs granted under the Omnibus Plan will vest based on a minimum period of service or the occurrence of events (such as a change in control, as defined in the Omnibus Plan) specified by the Compensation Committee.

A summary of the PSU and PSA activity as of December 31, 2018 is presented below.



	Shares		Weighted Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding as of January 1, 2018	1,233,923		$	29.98	$	5
Granted	1,424,974		17.64		—
Vested	(367,650	)	21.31		—
Forfeited or Expired	(724,121	)	28.39		—
Outstanding as of December 31, 2018	1,567,126		21.61		12

A summary of RSU activity as of December 31, 2018 is presented below.



	Shares		Weighted- Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding as of January 1, 2018	738,540		$	24.20	$	16
Granted	904,542		17.40		—
Vested	(237,534	)	20.05		—
Forfeited or Expired	(283,315	)	22.14		—
Outstanding as of December 31, 2018	1,122,233		20.11		15

Additional information pertaining to RSU activity is as follows:



	Years Ended December 31,
	2018		2017		2016
Total fair value of awards that vested (In millions)	$	5	$	6	$	7
Weighted average grant date fair value of awards	17.40		19.27		38.86

Compensation expense for PSUs, PSAs and RSUs is based on the grant date fair value, and is recognized ratably over the vesting period. For grants in 2018, 2017 and 2016, the vesting period is three years. In addition to the service vesting condition, the PSUs and PSAs had an additional vesting condition which called for the number of units that will be awarded being based on achievement of a certain level of Adjusted Corporate EBITDA or other performance measures over the applicable measurement period.

Leases

12 Months Ended

Dec. 31, 2018

Leases [Abstract]

Leases

The Company is a lessee under the following types of leases, all of which are operating:


•	Concession agreements which grant the Company the right to conduct its vehicle rental operations at airports, hotels and train stations;


•	Real estate leases for its off airport vehicle rental locations and other premises;


•	Revenue earning vehicle leases; and


•	Other equipment leases.

Lease terms generally range from one month to thirty-five years and a number of agreements contain escalation clauses, which increase the payment obligation based on a fixed or variable rate, and renewal options. The length of renewals vary and may result in different payment terms.

Payment terms are based on fixed rates explicit in the lease, including guaranteed minimums, and/or variable rates based on:


•	Operating expenses, such as common area charges, real estate taxes and insurance;


•	A percentage of revenues or sales arising at the relevant premises; and/or


•	Periodic inflation adjustments.

The following table summarizes the amount of lease costs included as rent expense, or included in depreciation of revenue earning vehicles and lease charges, net when the lease is associated with the Company's retail vehicle sales lots, in the accompanying statements of operations. Certain variable lease costs of $135 million and $129 million for 2017 and 2016, respectively, were previously disclosed as minimum fixed lease costs and have been subsequently adjusted and presented as variable lease costs in the table below as these costs were based on a variable component which was unknown at the onset of the agreement.



	Years ended December 31,
(In millions)	2018		2017		2016
Minimum fixed lease cost	$	577	$	515	$	493
Variable lease cost	438		430		421
Total	$	1,015	$	945	$	914

The following table reflects the Company's obligations for minimum fixed lease costs under existing agreements, excluding variable concession obligations and short-term leases, as of December 31, 2018:



(In millions)	Total
2019	$	413
2020	313
2021	255
2022	194
2023	139
After 2023	866
Total	$	2,180

Restructuring

12 Months Ended

Dec. 31, 2018

Restructuring and Related Activities [Abstract]

Restructuring

During 2016, the Company initiated $63 million of restructuring programs that included headcount reductions, business process re-engineering, asset impairments and outsourcing certain information technology application and infrastructure functions to a third-party service provider.

Restructuring charges under these programs were as follows:



	Year Ended December 31,
(In millions)	2016
By Type:
Termination benefits	$	24
Impairments and asset write-downs	30
Facility closure and lease obligation costs	7
Other	1
Total	$	62
By Caption:
Direct vehicle and operating expense	$	36
Selling, general and administrative expense	26
Total	$	62
By Segment:
U.S. Rental Car	$	49
International Rental Car	9
Corporate	4
Total	$	62

Income Tax (Provision) Benefit

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Tax (Provision) Benefit

On December 22, 2017, the U.S. enacted the TCJA, which made substantial changes to corporate income tax laws. Among the key provisions were a U.S. corporate tax rate reduction from 35% to 21% effective for tax years beginning January 1, 2018; an acceleration of expensing for certain business assets; a repeal of the LKE deferral rules as applicable to personal property, including rental vehicles; a one-time transition tax on the deemed repatriation of cumulative earnings from foreign subsidiaries; and changes to U.S. taxation of foreign earnings from a worldwide to a territorial tax system effective for tax years beginning January 1, 2018. As of December 31, 2018, the Company has recognized the effects of TCJA in its current year consolidated financial statements.

During 2017, the Company recorded a net tax benefit of $679 million as a result of the preliminary remeasurement of deferred tax assets and liabilities and other provisions of U.S. tax reform. In 2018, the Company finalized its assessment of the impact of the TCJA and recorded net tax expense of $22 million. The Company further elected to account for taxes on GILTI as incurred and is not subject to foreign-derived intangible income, base-erosion and anti-abuse tax, or interest limitations under Section 163(j) as of December 31, 2018. Lastly, the Company continues to assert indefinite reinvestment on certain of our foreign earnings as of December 31, 2018.

As of December 31, 2017, the alternative minimum tax ("AMT") credits were reduced by $3 million due to the potential impact of sequestration. In January 2019, the IRS published guidance that allows the Company to reverse the sequestration adjustment for tax years beginning after December 31, 2017 as the refundable minimum tax credits are no longer subject to the reduction. AMT credits are fully refundable in tax returns through the year 2021. As of December 31, 2018, the Company estimates to recover AMT refunds of $40 million: $20 million, $10 million, $5 million and $5 million, for tax years ending 2018, 2019, 2020, and 2021, respectively. These tax returns will be filed in 2019, 2020, 2021 and 2022, respectively.

The components of income (loss) from continuing operations before income taxes for the periods were as follows (in millions):

Hertz Global



	As of December 31,
	2018			2017			2016
Domestic	$	(293	)	$	(680	)	$	(535	)
Foreign	36			105			65
Total income (loss) from continuing operations before income taxes	$	(257	)	$	(575	)	$	(470	)

Hertz



	As of December 31,
	2018			2017			2016
Domestic	$	(286	)	$	(675	)	$	(534	)
Foreign	36			105			65
Total income (loss) from continuing operations before income taxes	$	(250	)	$	(570	)	$	(469	)

The total income tax provision (benefit) consists of the following (in millions):

Hertz Global and Hertz



	As of December 31,
	2018			2017			2016
Current:
Federal	$	(3	)	$	—		$	22
Foreign	32			19			48
State and local	7			1			12
Total current	36			20			82
Deferred:
Federal	(66		)	(900		)	(131		)
Foreign	11			10			1
State and local	(11		)	(32		)	52
Total deferred	(66		)	(922		)	(78		)
Total provision (benefit) - Hertz Global	(30		)	(902		)	4
Federal deferred tax expense applicable to Hertz only	2			—			—
Total provision (benefit) - Hertz	$	(28	)	$	(902	)	$	4

The principal items of the U.S. and foreign net deferred tax assets and liabilities are as follows (in millions):

Hertz Global and Hertz



	As of December 31,
	2018			2017
Deferred tax assets:
Employee benefit plans	$	34		$	27
Net operating loss carry forwards	1,937			1,343
Federal, state and foreign local tax credit carry forwards	42			24
Accrued and prepaid expenses	163			90
Total deferred tax assets	2,176			1,484
Less: valuation allowance	(318		)	(305		)
Total net deferred tax assets	1,858			1,179
Deferred tax liabilities:
Depreciation on tangible assets	(2,130		)	(1,576		)
Intangible assets	(761		)	(764		)
Total deferred tax liabilities	(2,891		)	(2,340		)
Net deferred tax liability - Hertz Global	$	(1,033	)	$	(1,161	)
Deferred tax asset - net operating loss not applicable to Hertz	(3		)	—
Net deferred tax liability - Hertz	$	(1,036	)	$	(1,161	)

Hertz Global and Hertz

As of December 31, 2018, the Company had U.S. federal net operating loss carry forwards ("Federal NOL") of approximately $7.0 billion, which generated a deferred tax asset of $1.5 billion. Such net operating loss carry forwards are primarily related to accelerated depreciation of the Company's U.S. vehicles and will begin to expire in 2029, except those losses incurred after 2017 which have indefinite lives but may offset 80% of taxable income. Currently, the Company does not record valuation allowances on its U.S. federal tax loss carry forwards as there are adequate deferred tax liabilities that could be realized within the carry forward period. As of December 31, 2018, the Company had state net operating loss carry forwards ("State NOL") which generated a deferred tax asset of $279 million, offset with a valuation allowance of $116 million for separate states that have historical losses where it is more likely than not that the State NOL carry forwards will not be utilized in the future. The State NOLs expire over various years beginning in 2019 depending on the jurisdiction. As of December 31, 2018, the Company had foreign net operating loss carry forwards ("Foreign NOL") of approximately $728 million, of which $649 million have an indefinite utilization period with the remaining Foreign NOLs beginning to expire in 2024. The Foreign NOLs generated a deferred tax asset of $192 million and are offset with a valuation allowance of $126 million related to jurisdictions that have historical losses and for which it is more likely than not that a portion of the Foreign NOLs will not be utilized in the future. An additional valuation allowance of $52 million was recorded against other deferred tax assets in these jurisdictions.

As of December 31, 2017, the Company had Federal NOLs of $4.2 billion, which generated deferred tax assets of $873 million. State NOLs have generated a deferred tax asset of $290 million, offset by a valuation allowance of $101 million. As of December 31, 2017, deferred tax assets of $180 million were recorded for Foreign NOLs of $655 million, $595 million of which has an indefinite carry forward period. The Foreign NOLs are offset with a valuation allowance of $126 million. Additionally, a valuation allowance of $50 million was recorded against other deferred tax assets in these jurisdictions.

As of December 31, 2018 and 2017, deferred tax assets of $7 million and $9 million were recorded for U.S. federal net capital losses, respectively, offset by valuation allowances of $0 million and $9 million, respectively. The valuation allowance of $9 million was released during 2018 due to the sales or anticipated sales of properties which will generate capital gain.

As of December 31, 2018 and 2017, deferred tax assets of $38 million and $23 million, respectively, were recorded for various U.S. federal and state credits and are offset by valuation allowances of $24 million and $19 million, respectively. The deferred tax balance reflects the reclassification of AMT credits to the tax receivable account resulting from the TCJA's repeal of the corporate AMT. The state tax credits expire over various years beginning in 2019 depending upon when they were generated and the particular jurisdiction.

In determining valuation allowances, an assessment of positive and negative evidence was performed regarding realization of the net deferred tax assets. This assessment included the evaluation of cumulative earnings and losses in recent years, scheduled reversals of net deferred tax liabilities, the availability of carry forwards and the remaining period of the respective carry forward, future taxable income and any applicable tax-planning strategies that are available.

The significant items in the reconciliation of the statutory and effective income tax rates consisted of the following:

Hertz Global and Hertz



	Years Ended December 31,
	2018		2017		2016
Statutory federal tax rate	21	%	35	%	35	%
Foreign tax rate differential	(1	)	2		2
State and local income taxes, net of federal income tax benefit	7		6		3
Change in state apportionment and statutory rates, net of federal income tax benefit	1		6		(7	)
Tax reform	(9	)	118		—
Federal and foreign permanent differences	—		—		(1	)
Withholding taxes	(3	)	(2	)	(2	)
Uncertain tax positions	(3	)	—		—
Change in valuation allowance	(5	)	(7	)	(11	)
Change in foreign statutory rates	(3	)	—		(3	)
Tax credits	7		(1	)	—
Goodwill impairment	—		—		(12	)
Stock option shortfalls	(1	)	(1	)	(3	)
All other items, net	1		1		(2	)
Effective tax rate - Hertz Global	12	%	157	%	(1	)%
All other items, net rate impact not applicable to Hertz	(1	)	1		—
Effective tax rate - Hertz	11	%	158	%	(1	)%

The decrease in the tax benefit in 2018 versus 2017 is due to the one-time remeasurement of net deferred tax liabilities as a result of TCJA in 2017, the reduction in the statutory federal tax rate from 35% to 21% and an increase in pretax operating results.

The Company recorded a tax benefit in 2017 versus a tax provision in 2016. The change was primarily due to the benefit from the TCJA in 2017 and the provision of goodwill impairment in 2016. In addition, contributing factors to the tax benefit versus tax provision include a decrease in pretax operating results, the composition of operating results by jurisdiction, a change in the state statutory effective tax rates, and an increase in the valuation allowance relating to losses in certain U.S. and non-U.S. jurisdictions.

As of December 31, 2018, total unrecognized tax benefits were $49 million, of which $5 million, if settled, would positively impact the effective tax rate in future periods because of correlative adjustments associated with these liabilities. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

Hertz Global and Hertz



	Years Ended December 31,
(In millions)	2018			2017			2016
Balance as of January 1	$	43		$	45		$	81
Increase (decrease) attributable to tax positions taken during prior periods	3			(2		)	(35		)
Increase (decrease) attributable to tax positions taken during the current year	5			3			—
Decrease attributable to settlements with taxing authorities	(2		)	(3		)	(1		)
Balance as of December 31	$	49		$	43		$	45

The Company conducts business globally and, as a result, files tax returns in the U.S. and non-U.S. jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The open tax years for these jurisdictions span from 2003 to 2018. Currently, the Company's 2014 and 2015 tax years are under audit by the Internal Revenue Service and they have indicated they will begin to audit the 2016 tax year in 2019. Several U.S. state and other non-U.S. jurisdictions are under audit, and it is reasonably possible that the amount of unrecognized tax benefits may change as the result of the completion of ongoing examinations, the expiration of the statute of limitations or other unforeseen circumstances. At this time, an estimate of the range of the reasonably possible change cannot be made. It is reasonable that approximately $1 million of unrecognized tax benefits may reverse within the next twelve months due to settlement with the relevant non-U.S. taxing authorities.

Net, after-tax interest and penalties related to tax liabilities are classified as a component of income tax (provision) benefit in the consolidated statements of operations. During the years ended December 31, 2018, 2017 and 2016, approximately $1 million, $(1) million and $1 million, respectively, in net, after-tax interest and penalties were recognized. As of December 31, 2018 and 2017, approximately $8 million and $7 million, respectively, of net, after-tax interest and penalties were accrued in the Company's consolidated balance sheets within accrued taxes.

Fair Value Measurements

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

Under U.S. GAAP, entities are allowed to measure certain financial instruments and other items at fair value. The Company has not elected the fair value measurement option for any of its assets or liabilities that meet the criteria for this option. Irrespective of the fair value option previously described, U.S. GAAP requires certain financial and non-financial assets and liabilities of the Company to be measured on either a recurring basis or on a nonrecurring basis.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The fair value of cash, restricted cash, accounts receivable, accounts payable and accrued expenses, to the extent the underlying liability will be settled in cash, approximates the carrying values because of the short-term nature of these instruments. The Company's assessment of goodwill and other intangible assets for impairment includes an assessment using various Level 2 inputs (earnings before interest, taxes, depreciation and amortization ("EBITDA") multiples and royalty rates) and Level 3 inputs (forecasted cash flows and discount rates). See Note 2, "Significant Accounting Policies — Recoverability of Goodwill and Intangible Assets," for more information on the application of the use of fair value methodology in the Company's assessment.

Cash Equivalents and Investments

The Company’s cash equivalents and restricted cash primarily consist of investments in money market funds and time deposits. The Company determines the fair value of cash equivalents using a market approach based on quoted prices in active markets (Level 1 inputs).

Investments in equity securities that are measured at fair value on a recurring basis consist of marketable securities.

The following table summarizes the ending balances of the Company's cash equivalents, restricted cash equivalents and investments.



	December 31, 2018								December 31, 2017
(In millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Money market funds and time deposits	$	701	$	—	$	—	$	701	$	634	$	—	$	—	$	634
Equity securities	44		—		—		44		—		—		—		—

Debt Obligations

The fair value of debt is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (Level 2 inputs).



	As of December 31, 2018				As of December 31, 2017
(In millions)	Nominal Unpaid Principal Balance		Aggregate Fair Value		Nominal Unpaid Principal Balance		Aggregate Fair Value
Non-Vehicle Debt	$	4,455	$	4,011	$	4,476	$	4,438
Vehicle Debt	11,945		11,891		10,471		10,456
Total	$	16,400	$	15,902	$	14,947	$	14,894

Accumulated Other Comprehensive Income [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2018

Accumulated Other Comprehensive Income (Loss)

Changes in the accumulated other comprehensive income (loss) balance by component (net of tax) are as follows:



(In millions)	Pension and Other Post-Employment Benefits			Foreign Currency Items			Unrealized Losses on Terminated Net Investment Hedges			Accumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2018	$	(76	)	$	(23	)	$	(19	)	$	(118	)
Other comprehensive income (loss) before reclassification	(32		)	(34		)	—			(66		)
Amounts reclassified from accumulated other comprehensive income (loss)	4			(1		)	—			3
Reclassification of income tax effects to accumulated deficit resulting from the Tax Cuts and Job Act	(11		)	—			—			(11		)
Balance as of December 31, 2018	$	(115	)	$	(58	)	$	(19	)	$	(192	)



(In millions)	Pension and Other Post-Employment Benefits			Foreign Currency Items			Unrealized Losses on Terminated Net Investment Hedges			Realized/Unrealized Gains on Available for Sale Securities			Accumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2017	$	(110	)	$	(45	)	$	(19	)	$	3		$	(171	)
Other comprehensive income (loss) before reclassification	30			14			—			—			44
Amounts reclassified from accumulated other comprehensive income (loss)	4			8			—			(3		)	9
Balance as of December 31, 2017	$	(76	)	$	(23	)	$	(19	)	$	—		$	(118	)

Contingencies and Off-Balance Sheet Commitments	12 Months Ended
Contingencies and Off-Balance Sheet Commitments	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Off-Balance Sheet Commitments	Contingencies and Off-Balance Sheet Commitments Legal Proceedings Public Liability and Property Damage The Company is currently a defendant in numerous actions and has received numerous claims on which actions have not yet been commenced for public liability and property damage arising from the operation of motor vehicles rented from the Company. The obligation for public liability and property damage on self-insured U.S. and international vehicles, as stated on the accompanying consolidated balance sheets, represents an estimate for both reported accident claims not yet paid and claims incurred but not yet reported. The related liabilities are recorded on a non-discounted basis. Reserve requirements are based on rental volume and actuarial evaluations of historical accident claim experience and trends, as well as future projections of ultimate losses, expenses, premiums and administrative costs. As of December 31, 2018 and 2017, the Company's liability recorded for public liability and property damage matters was $418 million and $427 million, respectively. The Company believes that its analysis is based on the most relevant information available, combined with reasonable assumptions, and that the Company may prudently rely on this information to determine the estimated liability. The liability is subject to significant uncertainties. The adequacy of the liability reserve is regularly monitored based on evolving accident claim history and insurance related state legislation changes. If the Company's estimates change or if actual results differ from these assumptions, the amount of the recorded liability is adjusted to reflect these results. Other Matters From time to time the Company is a party to various legal proceedings, typically involving operational issues common to the vehicle rental business, including claims by employees and former employees, and governmental investigations. The Company has summarized below, the most significant legal proceedings to which the Company was and/or is a party to during 2018 or the period after December 31, 2018 but before the filing of this 2018 Annual Report. Governmental Investigations - In June 2014, the Company was advised by the staff of the New York Regional Office of the Securities and Exchange Commission (“SEC”) that it was investigating the events disclosed in certain of the Company’s filings with the SEC. In addition, starting in June 2016, the Company had communications with the U.S. Attorney’s Office for the District of New Jersey regarding the same or similar events. The investigations and communications generally involved the restatements included in the Old Hertz Holdings Form 10-K for the year ended December 31, 2014, as filed with the SEC on July 16, 2015 and related accounting for prior periods. In November 2018, the U.S. Attorney's Office for the District of New Jersey advised that it would be declining prosecution of the Company. On December 31, 2018, the SEC approved and authorized the entry of an administrative order with respect to the Company, to which the Company consented without admitting or denying the order’s assertions of factual findings. The order directs (i) Hertz Global to cease and desist from committing or causing any violations and any future violations of Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933 and Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rules 12b-20, 13a-1, 13a-11 and 13a-13 thereunder and (ii) Hertz to cease and desist from committing or causing any violations and any future violations of Sections 13(b)(2)(A), 13(b)(2)(B) and 15(d) of the Exchange Act and Rules 12b-20, 15d-1, 15d-11 and 15d-13 thereunder. In connection with the order, Hertz Global agreed to pay a civil penalty in the amount of $16.0 million to the SEC. Pursuant to the agreements governing the separation of Herc Holdings from Hertz Global that occurred on June 30, 2016, Herc Holdings is responsible for 15% of the civil penalty, leaving Hertz Global with a net obligation of $13.6 million as of December 31, 2018. On January 18, 2019, Hertz Global paid the SEC the $16.0 million civil penalty. Additionally, the Company previously identified certain activities in Brazil that raised issues under the Foreign Corrupt Practices Act (the "FCPA") and other federal and local laws, which the Company self-reported to appropriate government entities. The matters associated with the FCPA and other federal matters have been resolved without further action by the applicable U.S. government entities. The Company is continuing its cooperation with respect to matters under local Brazilian laws. The Company has accrued a loss contingency with respect to the ongoing Brazil-related matters that is not material. However, it is possible that an adverse outcome with respect to the ongoing matters in Brazil could result in losses that could be material to the Company's consolidated financial condition, results of operations or cash flows in any particular reporting period. In re Hertz Global Holdings, Inc. Securities Litigation - In November 2013, a purported shareholder class action, Pedro Ramirez, Jr. v. Hertz Global Holdings, Inc., et al., was commenced in the U.S. District Court for the District of New Jersey naming Old Hertz Holdings and certain of its officers as defendants and alleging violations of the federal securities laws. The complaint alleged that Old Hertz Holdings made material misrepresentations and/or omissions of material fact in certain of its public disclosures in violation of Section 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder. The complaint sought an unspecified amount of monetary damages on behalf of the purported class and an award of costs and expenses, including counsel fees and expert fees. The complaint, as amended, was dismissed with prejudice on April 27, 2017. On September 20, 2018, the Third Circuit affirmed the dismissal of the complaint with prejudice. The plaintiffs have not sought further appellate review of the affirmance, however on February 5, 2019, the plaintiffs filed a motion asking the federal district court to exercise its discretion and allow plaintiffs to reinstate their claims to include additional allegations from the administrative order entered by the SEC with respect to the Company on December 31, 2018. In addition to the matters described above, the Company maintains an internal compliance program through which it from time to time identifies other potential violations of laws and regulations applicable to the Company. When the Company identifies such matters, the Company conducts an internal investigation and otherwise cooperates with governmental authorities, as appropriate. The Company has established reserves for matters where the Company believes that losses are probable and can be reasonably estimated. Other than the aggregate reserve established for claims for public liability and property damage, none of those reserves are material. For matters, including certain of those described above, where the Company has not established a reserve, the ultimate outcome or resolution cannot be predicted at this time, or the amount of ultimate loss, if any, cannot be reasonably estimated. These matters are subject to many uncertainties and the outcome of the individual litigated matters is not predictable with assurance. It is possible that certain of the actions, claims, inquiries or proceedings, including those discussed above, could be decided unfavorably to the Company or any of its subsidiaries involved. Accordingly, it is possible that an adverse outcome from such a proceeding could exceed the amount accrued in an amount that could be material to the accompanying consolidated financial condition, results of operations or cash flows in any particular reporting period. Indemnification Obligations In the ordinary course of business, the Company has executed contracts involving indemnification obligations customary in the relevant industry and indemnifications specific to a transaction such as the sale of a business. These indemnification obligations might include claims relating to the following: environmental matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier and other commercial contractual relationships; and financial matters. Specifically, the Company has indemnified various parties for the costs associated with remediating numerous hazardous substance storage, recycling or disposal sites in many states and, in some instances, for natural resource damages. The amount of any such expenses or related natural resource damages for which the Company may be held responsible could be substantial. In addition, Hertz entered into customary indemnification agreements with Hertz Holdings and certain of the Company's stockholders and their affiliates pursuant to which Hertz Holdings and Hertz will indemnify those entities and their respective affiliates, directors, officers, partners, members, employees, agents, representatives and controlling persons, against certain liabilities arising out of performance of a consulting agreement with Hertz Holdings and each of such entities and certain other claims and liabilities, including liabilities arising out of financing arrangements or securities offerings. The Company has entered into customary indemnification agreements with each of its directors and certain of its officers. Performance under these indemnification obligations would generally be triggered by a breach of terms of the contract or by a third-party claim. In connection with the Spin-Off, the Company executed an agreement with Herc Holdings that contains mutual indemnification clauses and a customary indemnification provision with respect to liability arising out of or resulting from assumed legal matters. The Company regularly evaluates the probability of having to incur costs associated with these indemnification obligations and has accrued for expected losses that are probable and estimable.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Agreements with the Icahn Group In June 2016, Hertz Global entered into a confidentiality agreement (the “Confidentiality Agreement”) with Carl C. Icahn, High River Limited Partnership, Hopper Investments LLC, Barberry Corp., Icahn Partners LP, Icahn Partners Master Fund LP, Icahn Enterprises G.P. Inc., Icahn Enterprises Holdings L.P., IPH GP LLC, Icahn Capital LP, Icahn Onshore LP, Icahn Offshore LP, Beckton Corp., Vincent J. Intrieri, Samuel J. Merksamer and Daniel A. Ninivaggi (collectively, the “Icahn Group”). Pursuant to the Confidentiality Agreement, Vincent J. Intrieri, Daniel A. Ninivaggi and SungHwan Cho, each of whom was appointed as a director of Hertz Global, are permitted to disclose confidential information to representatives of the Icahn Group. Until the date that the Icahn Group no longer has a designee on the Hertz Global board of directors, the Icahn Group agrees to vote all of its shares of common stock of Hertz Global in favor of the election of all of Hertz Global’s director nominees at each annual or special meeting of Hertz Global. In addition, Hertz Global, High River Limited Partnership, Icahn Partners LP and Icahn Partners Master Fund LP entered into a registration rights agreement, dated June 30, 2016 (the “Registration Rights Agreement”). Pursuant to the Registration Rights Agreement, among other things, and subject to certain exceptions, Hertz Global agreed to effect up to two demand registrations with respect to shares of Hertz Global common stock held by members of the Icahn Group. Hertz Global also agreed to provide, with certain exceptions, certain piggyback registration rights with respect to common stock held by members of the Icahn Group. In the normal course of business, the Company purchases goods and services and leases property from entities controlled by Carl C. Icahn and his affiliates, including The Pep Boys - Manny, Moe & Jack. During the years ended December 31, 2018, 2017 and 2016, the Company purchased approximately $39 million, $13 million and $6 million, respectively worth of goods and services from these related parties. In May 2018, the Company sold approximately $36 million of marketable securities to the Icahn Group at the then current market price of such securities. Transactions and Agreements between Hertz Holdings/Old Hertz Holdings and Hertz In June 2016, Hertz entered into a master loan agreement with Hertz Global at an interest rate based on the U.S. Dollar LIBOR rate plus a margin (the "2016 Master Loan") and advanced Hertz Global $102 million under the agreement during the year ended December 31, 2016. In June 2017, upon expiration of the 2016 Master Loan, Hertz entered into a new master loan agreement with Hertz Holdings for a facility size of up to $425 million at an interest rate based on the U.S. Dollar LIBOR rate plus a margin (the "2017 Master Loan") where amounts outstanding under the 2016 Master Loan were transferred to the 2017 Master Loan. In June 2018, upon expiration of the 2017 Master Loan, Hertz entered into a new master loan agreement with Hertz Holdings for a facility size of $425 million with an expiration in June 2019 (the "2018 Master Loan") where amounts outstanding under the 2017 Master Loan were transferred to the 2018 Master Loan. The interest rate is based on the U.S. Dollar LIBOR rate plus a margin. As of December 31, 2018 and 2017, there was $117 million and $107 million outstanding under the 2018 Master Loan and 2017 Master Loan, respectively, representing advances and any accrued but unpaid interest. Additionally, Hertz has a due to an affiliate in the amount of $65 million as of December 31, 2018 and 2017 which represents a tax related liability to Hertz Holdings. The net impact of the above amounts are included in stockholder's equity in the accompanying consolidated balance sheets of Hertz. Other Relationships In connection with its vehicle rental businesses, the Company enters into millions of rental transactions every year involving millions of customers. In order to conduct those businesses, the Company also procures goods and services from thousands of vendors. Some of those customers and vendors may be affiliated with members of the Company's board of directors. The Company believes that all such rental and procurement transactions involved terms no less favorable to the Company than those that it believes would have been obtained in the absence of such affiliation. The Company's Nominating and Governance Committee oversees compliance through our Standards of Business Conduct, reviews conflicts of interest involving directors and determines whether to approve each transaction that involves the Company or any of its affiliates, on one hand, and (directly or indirectly) a director or member of his or her family or any entity managed by any such person, on the other hand. Lyft, Inc. The Company has an agreement with Lyft, Inc. (“Lyft”) pursuant to which the Company offers vehicles under specified rental agreements to drivers on the Lyft platform in various U.S. markets. Affiliates of Mr. Icahn own a noncontrolling minority interest in Lyft, and a former employee of one of Mr. Icahn’s companies serves on Lyft’s board of directors. 767 Auto Leasing LLC In January 2018, Hertz entered into a Master Motor Vehicle Lease and Management Agreement (the “767 Lease Agreement”) pursuant to which Hertz granted 767 Auto Leasing LLC (“767”), an entity affiliated with the Icahn Group, the option to acquire certain vehicles from Hertz at rates aligned with the rates at which Hertz sells vehicles to third parties. Hertz leases the vehicles purchased by 767 under the 767 Lease Agreement or from third parties, under a mutually developed fleet plan and Hertz manages, services, repairs, sells and maintains those leased vehicles on behalf of 767. Hertz rents the leased vehicles to drivers of TNCs, including Lyft drivers, from rental counters within locations leased or owned by affiliates of 767, including locations operated under a master lease agreement with The Pep Boys - Manny, Joe & Jack. The 767 Lease Agreement has an initial term of 18 months and is subject to automatic six-month renewals thereafter, unless terminated by either party (with or without cause) prior to the start of any such six-month renewal. 767’s payment obligations under the 767 Lease Agreement are guaranteed by American Entertainment Properties Corp. ("American"), an entity affiliated with Mr. Icahn. During 2018, American contributed $60 million to 767 along with certain services and the Company sold approximately 3,600 vehicles to 767 for approximately $37 million. The Company is entitled to 25% of the profit from the rental of the leased vehicles, as specified in the 767 Lease Agreement, which is variable and based primarily on the rental revenue, less certain vehicle-related costs, such as depreciation, licensing and maintenance expenses. The Company has determined that it is the primary beneficiary of 767 due to its power to direct the activities of 767 that most significantly impact 767's economic performance and the Company's obligation to absorb 25% of 767's gains/losses. Accordingly, 767 is consolidated by the Company as a VIE.

Equity and Earnings (Loss) Per Share - Hertz Global

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Equity and Earnings (Loss) Per Share - Hertz Global

Equity of Hertz Global Holdings, Inc.

As of December 31, 2018 and 2017, there were 40 million shares of Hertz Holdings preferred stock authorized, par value $0.01 per share, 400 million shares of Hertz Holdings common stock authorized, par value $0.01 per share, and two million shares of treasury stock.

Share Repurchase Program

Hertz Holdings has a Board-approved share repurchase program that authorizes it to repurchase shares of its common stock through a variety of methods, including in the open market or through privately negotiated transactions, in accordance with applicable securities laws. It does not obligate Hertz Holdings to make any repurchases at any specific time or situation. There were no shares repurchased under this program in 2018 or 2017. As of December 31, 2018, Hertz Holdings has repurchased two million shares for $100 million under this program. This amount is included in treasury stock in the accompanying Hertz Global consolidated balance sheets as of December 31, 2018 and 2017, respectively. The timing and extent to which Hertz Holdings repurchases its shares will depend upon, among other things, market conditions, share price, liquidity targets and other factors. Share repurchases may be commenced or suspended at any time or from time to time without prior notice. Since Hertz Holdings does not conduct business itself, it primarily funds repurchases of its common stock using dividends from Hertz or amounts borrowed under the master loan agreement. The credit agreements governing Hertz' Senior Facilities and Letter of Credit Facility restrict its ability to make dividends and certain payments, including payments to Hertz Holdings for share repurchases.

Earnings (Loss) Per Share

Basic earnings (loss) per share has been computed based upon the weighted average number of common shares outstanding. Diluted earnings (loss) per share has been computed based upon the weighted average number of common shares outstanding plus the effect of all potentially dilutive common stock equivalents, except when the effect would be anti-dilutive.

As described in Note 1, "Background", on June 30, 2016, the distribution date, Old Hertz Holdings stockholders of record as of the close of business on June 22, 2016 received one share of Hertz Holdings common stock for every five shares of Old Hertz Holdings common stock held as of the record date. Basic and diluted earnings (loss) per share for 2016 is calculated using a weighted average number of basic, dilutive and anti-dilutive common shares outstanding during the period that has been adjusted for the one-to-five distribution ratio for the period outstanding prior to the Spin-Off.

The following table sets forth the computation of basic and diluted earnings (loss) per share:



	Years Ended December 31,
(In millions, except per share data)	2018			2017		2016
Numerator:
Net income (loss) from continuing operations	$	(227	)	$	327	$	(474	)
Net (income) loss attributable to noncontrolling interests	2			—		—
Net income (loss) from continuing operations attributable to Hertz Global	(225		)	327		(474		)
Net income (loss) from discontinued operations	—			—		(17		)
Net income (loss) attributable to Hertz Global	$	(225	)	$	327	$	(491	)
Denominator:
Basic weighted average common shares	84			83		84
Dilutive stock options, RSUs and PSUs	—			—		—
Weighted average shares used to calculate diluted earnings (loss) per share	84			83		84
Antidilutive stock options, RSUs, PSUs and PSAs	1			3		1
Earnings (loss) per share:
Basic earnings (loss) per share from continuing operations attributable to Hertz Global	$	(2.68	)	$	3.94	$	(5.65	)
Basic earnings (loss) per share from discontinued operations	—			—		(0.20		)
Basic earnings (loss) per share	$	(2.68	)	$	3.94	$	(5.85	)

Diluted earnings (loss) per share from continuing operations attributable to Hertz Global	$	(2.68	)	$	3.94	$	(5.65	)
Diluted earnings (loss) per share from discontinued operations	—			—		(0.20		)
Diluted earnings (loss) per share	$	(2.68	)	$	3.94	$	(5.85	)

Segment Information

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Segment Information

The Company has identified three reportable segments, which are organized based on the products and services provided by its operating segments and the geographic areas in which its operating segments conduct business, as follows:


•	U.S. Rental Car ("U.S. RAC") - rental of vehicles (cars, crossovers and light trucks), as well as sales of value-added services, in the U.S. and consists of the Company's U.S. operating segment;

•

International Rental Car ("International RAC") - rental and leasing of vehicles (cars, vans, crossovers and light trucks), as well as sales of value-added services, internationally and consists of the Company's Europe and Other International operating segments, which are aggregated into a reportable segment based primarily upon similar economic characteristics, products and services, customers, delivery methods and general regulatory environments;


•	All Other Operations - primarily consists of the Company's Donlen business, which provides vehicle leasing and fleet management services, together with other business activities which represent less than 1% of revenues and expenses of the segment.

In addition to the above reportable segments, the Company has corporate operations ("Corporate") which includes general corporate assets and expenses and certain interest expense (including net interest on non-vehicle debt).

The following tables provide significant statement of operations, balance sheet and cash flow information by segment for each of Hertz Global and Hertz, as well as Adjusted Pre-tax Income (Loss), the segment measure of profitability.



	Years Ended December 31,
(In millions)	2018			2017			2016
Revenues
U.S. Rental Car	$	6,480		$	5,994		$	6,114
International Rental Car	2,276			2,169			2,097
All Other Operations	748			640			592
Total Hertz Global and Hertz	$	9,504		$	8,803		$	8,803
Depreciation of revenue earning vehicles and lease charges, net
U.S. Rental Car	$	1,678		$	1,904		$	1,753
International Rental Car	448			416			389
All Other Operations	564			478			459
Total Hertz Global and Hertz	$	2,690		$	2,798		$	2,601
Depreciation and amortization, non-vehicle assets
U.S. Rental Car	$	159		$	181		$	198
International Rental Car	32			33			33
All Other Operations	10			11			11
Corporate	17			15			23
Total Hertz Global and Hertz	$	218		$	240		$	265
Interest expense, net
U.S. Rental Car	$	144		$	132		$	154
International Rental Car	113			80			66
All Other Operations	27			19			14
Corporate	455			406			390
Total Hertz Global	739			637			624
Hertz interest income from loan to Hertz Global	(7		)	(5		)	(1		)
Total - Hertz	$	732		$	632		$	623
Adjusted Pre-tax Income (Loss)^(a)
U.S. Rental Car	$	262		$	13		$	298
International Rental Car	204			203			194
All Other Operations	94			80			72
Corporate	(579		)	(506		)	(499		)
Total Hertz Global	(19		)	(210		)	65
Corporate - Hertz	7			5			1
Total Hertz	$	(12	)	$	(205	)	$	66



	As of December 31,
(In millions)	2018		2017
Revenue earning vehicles, net
U.S. Rental Car	$	8,793	$	7,761
International Rental Car	2,146		2,153
All Other Operations	1,480		1,422
Total Hertz Global and Hertz	$	12,419	$	11,336
Property and equipment, net
U.S. Rental Car	$	564	$	602
International Rental Car	100		115
All Other Operations	9		11
Corporate	105		112
Total Hertz Global and Hertz	$	778	$	840
Total assets
U.S. Rental Car	$	13,983	$	12,785
International Rental Car	4,057		3,971
All Other Operations	1,843		1,700
Corporate	1,499		1,602
Total Hertz Global and Hertz	$	21,382	$	20,058



	Years Ended December 31,
(In millions)	2018			2017			2016
Revenue earning vehicles and capital assets, non-vehicle
U.S. Rental Car:
Expenditures	$	(8,597	)	$	(6,837	)	$	(7,376	)
Proceeds from disposals	5,570			4,882			6,010
Net expenditures - Hertz Global and Hertz	$	(3,027	)	$	(1,955	)	$	(1,366	)
International Rental Car:
Expenditures	$	(3,191	)	$	(3,144	)	$	(2,868	)
Proceeds from disposals	2,755			2,606			2,504
Net expenditures - Hertz Global and Hertz	$	(436	)	$	(538	)	$	(364	)
All Other Operations:
Expenditures	$	(807	)	$	(735	)	$	(729	)
Proceeds from disposals	176			182			209
Net expenditures - Hertz Global and Hertz	$	(631	)	$	(553	)	$	(520	)
Corporate:
Expenditures	$	(75	)	$	(53	)	$	(33	)
Proceeds from disposals	2			4			15
Net expenditures - Hertz Global and Hertz	$	(73	)	$	(49	)	$	(18	)

The Company operates in the United States and in international countries. International operations are substantially in Europe. The operations within major geographic areas for each of Hertz Global and Hertz are summarized below:



	Years Ended December 31,
(In millions)	2018		2017		2016
Revenues
United States	$	7,211	$	6,620	$	6,690
International	2,293		2,183		2,113
Total Hertz Global and Hertz	$	9,504	$	8,803	$	8,803



	As of December 31,
(In millions)	2018		2017
Revenue earning vehicles, net
United States	$	10,235	$	9,149
International	2,184		2,187
Total Hertz Global and Hertz	$	12,419	$	11,336
Property and equipment, net
United States	$	678	$	725
International	100		115
Total Hertz Global and Hertz	$	778	$	840
Total assets
United States	$	17,144	$	15,912
International	4,238		4,146
Total Hertz Global and Hertz	$	21,382	$	20,058

(a)

Adjusted Pre-tax Income (Loss), the Company's segment profitability measure, is calculated as income (loss) from continuing operations before income taxes plus non-cash acquisition accounting charges, debt-related charges relating to the amortization and write-off of debt financing costs and debt discounts and premiums, goodwill, intangible and tangible asset impairments and write downs, information technology and finance transformation costs, income or loss attributable to noncontrolling interests, and certain other miscellaneous or non-recurring items.

Reconciliations of Adjusted Pre-tax Income (Loss) by segment to consolidated amounts are summarized below.

Hertz Global



	Years Ended December 31,
(In millions)	2018			2017			2016
Adjusted Pre-tax Income (Loss):
U.S. Rental Car	$	262		$	13		$	298
International Rental Car	204			203			194
All Other Operations	94			80			72
Total reportable segments	560			296			564
Corporate⁽¹⁾	(579		)	(506		)	(499		)
Adjusted Pre-tax Income (Loss)	(19		)	(210		)	65
Adjustments:
Acquisition accounting⁽²⁾	(62		)	(62		)	(65		)
Debt-related charges⁽³⁾	(50		)	(47		)	(48		)
Loss on extinguishment of debt⁽⁴⁾	(22		)	(13		)	(55		)
Restructuring and restructuring related charges⁽⁵⁾	(32		)	(22		)	(53		)
Sale of CAR Inc. common stock⁽⁶⁾	—			3			84
Impairment charges and asset write-downs⁽⁷⁾	—			(118		)	(340		)
Information technology and finance transformation costs⁽⁸⁾	(98		)	(68		)	(53		)
Other⁽⁹⁾	26			(38		)	(5		)
Income (loss) from continuing operations before income taxes	$	(257	)	$	(575	)	$	(470	)

Hertz



	Years Ended December 31,
(In millions)	2018			2017			2016
Adjusted Pre-tax Income (Loss):
U.S. Rental Car	$	262		$	13		$	298
International Rental Car	204			203			194
All Other Operations	94			80			72
Total reportable segments	560			296			564
Corporate⁽¹⁾	(572		)	(501		)	(498		)
Adjusted Pre-tax Income (Loss)	(12		)	(205		)	66
Adjustments:
Acquisition accounting⁽²⁾	(62		)	(62		)	(65		)
Debt-related charges⁽³⁾	(50		)	(47		)	(48		)
Loss on extinguishment of debt⁽⁴⁾	(22		)	(13		)	(55		)
Restructuring and restructuring related charges⁽⁵⁾	(32		)	(22		)	(53		)
Sale of CAR Inc. common stock⁽⁶⁾	—			3			84
Impairment charges and asset write-downs⁽⁷⁾	—			(118		)	(340		)
Information technology and finance transformation costs⁽⁸⁾	(98		)	(68		)	(53		)
Other⁽⁹⁾	26			(38		)	(5		)
Income (loss) from continuing operations before income taxes	$	(250	)	$	(570	)	$	(469	)


(1)	Represents general corporate expenses, non-vehicle interest expense, as well as other business activities.


(2)	Represents incremental expense associated with amortization of other intangible assets and depreciation of property and equipment relating to acquisition accounting.


(3)	Represents debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums.

(4)

In 2018, primarily comprised of $20 million of early redemption premium and write-off of deferred financing costs associated with the redemption of the outstanding 4.375% European Vehicle Notes due January 2019. In 2017, comprised of $6 million of early redemption premium and write-off of deferred financing costs associated with the redemption of the outstanding 4.25% Senior Notes due April 2018 and $7 million write-off of deferred financing costs associated with the termination of commitments under the Senior RCF. In 2016, amount represents $6 million of deferred financing costs written off as a result of terminating and refinancing various vehicle debt, $27 million in early redemption premiums associated with the redemption of all of the outstanding 7.50% Senior Notes due October 2018 and a portion of the outstanding 6.75% Senior Notes due April 2019 and $22 million of deferred financing costs and debt discount written off as a result of paying off such Senior Notes and the Company's Senior Credit Facilities.

(5)

Represents charges incurred under restructuring actions as defined in U.S. GAAP, excluding impairments and asset write-downs, which are shown separately in the table. Also includes restructuring related charges such as incremental costs incurred directly supporting business transformation initiatives. Such costs include transition costs incurred in connection with business process outsourcing arrangements and incremental costs incurred to facilitate business process re-engineering initiatives that involve significant organization redesign and extensive operational process changes. Also includes consulting costs, legal fees, a net loss contingency of $13.6 million and other expenses related to the previously disclosed accounting review and investigation.


(6)	Represents the pre-tax gain on the sale of CAR Inc. common stock.

(7)

In 2017, primarily represents an $86 million impairment of the Dollar Thrifty tradename and an impairment of $30 million related to an equity method investment. In 2016, primarily comprised of a $172 million impairment of goodwill associated with the Company's vehicle rental operations in Europe, a $120 million impairment of the Dollar Thrifty tradename, a $25 million impairment of certain tangible assets used in the U.S. RAC segment in conjunction with a restructuring program and an $18 million impairment of the net assets held for sale related to the Company's Brazil operations.


(8)	Represents costs associated with the Company's information technology and finance transformation programs, both of which are multi-year initiatives to upgrade and modernize the Company's systems and processes.

(9)

Represents miscellaneous or non-recurring items, and includes amounts attributable to noncontrolling interests. In 2018, also includes a $20 million gain on marketable securities, and a $6 million legal settlement received in the second quarter related to an oil spill in the Gulf of Mexico in 2010. In 2017, also includes net expenses of $16 million resulting from hurricanes and charges of $8 million associated with strategic financings, partially offset by a $6 million gain on the sale of the Company's Brazil Operations and a $4 million return of capital from an equity method investment, and charges of $5 million relating to PLPD as a result of a terrorist event. In 2016, also includes a $9 million settlement gain from an eminent domain case related to one of the Company's airport locations.

Guarantor and Non-Guarantor Annual Condensed Consolidating Financial Information

12 Months Ended

Dec. 31, 2018

Guarantor and Non-Guarantor Condensed Consolidating Financial Statements Disclosure [Abstract]

Guarantor and Non-Guarantor Annual Condensed Consolidating Financial Information

Guarantor and Non-Guarantor Annual Condensed Consolidating Financial Information - Hertz

The following tables present the Condensed Consolidating Balance Sheets as of December 31, 2018 and 2017 and the Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) and Statements of Cash Flows for the years ended December 31, 2018, 2017 and 2016, of (a) The Hertz Corporation ("Parent”); (b) the Parent's subsidiaries that guarantee the Senior Notes issued by the Parent ("Guarantor Subsidiaries"); (c) the Parent's subsidiaries that do not guarantee the Senior Notes issued by the Parent ("Non-Guarantor Subsidiaries"); (d) elimination entries necessary to consolidate the Parent with the Guarantor Subsidiaries and Non-Guarantor Subsidiaries ("Eliminations"); and of (e) Hertz on a consolidated basis.

Investments in subsidiaries are accounted for using the equity method for purposes of the consolidating presentation. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions. The Guarantor Subsidiaries are 100% owned by the Parent and all guarantees are full and unconditional and joint and several. Additionally, substantially all of the assets of the Guarantor Subsidiaries are pledged under the Senior Facilities and Senior Second Priority Secured Notes, and consequently will not be available to satisfy the claims of Hertz general creditors. In lieu of providing separate unaudited financial statements for the Guarantor Subsidiaries, Hertz has included the accompanying condensed consolidating financial statements based on Rule 3-10 of the SEC's Regulation S-X. Management of Hertz does not believe that separate financial statements of the Guarantor Subsidiaries are material to Hertz's investors; therefore, separate financial statements and other disclosures concerning the Guarantor Subsidiaries are not presented.

THE HERTZ CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2017

(In millions)



	Parent (The Hertz Corporation)		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			The Hertz Corporation & Subsidiaries
ASSETS
Cash and cash equivalents	$	686	$	9	$	377	$	—		$	1,072
Restricted cash and cash equivalents	225		7		200		—			432
Total cash, cash equivalents, restricted cash and restricted cash equivalents	911		16		577		—			1,504
Receivables, net of allowance	366		167		832		—			1,365
Due from affiliates	3,373		4,567		8,794		(16,734		)	—
Prepaid expenses and other assets	3,747		37		302		(3,399		)	687
Revenue earning vehicles, net	352		2		10,982		—			11,336
Property and equipment, net	639		61		140		—			840
Investment in subsidiaries, net	7,966		1,265		—		(9,231		)	—
Intangible assets, net	141		3,091		10		—			3,242
Goodwill	102		944		38		—			1,084
Total assets	$	17,597	$	10,150	$	21,675	$	(29,364	)	$	20,058
LIABILITIES AND STOCKHOLDER'S EQUITY
Due to affiliates	$	10,368	$	2,156	$	4,210	$	(16,734	)	$	—
Accounts payable	375		92		479		—			946
Accrued liabilities	473		73		374		—			920
Accrued taxes, net	77		21		2,235		(2,173		)	160
Debt	4,619		—		10,246		—			14,865
Public liability and property damage	165		37		225		—			427
Deferred income taxes, net	—		1,451		995		(1,226		)	1,220
Total liabilities	16,077		3,830		18,764		(20,133		)	18,538
Stockholder's equity:
Total stockholder's equity	1,520		6,320		2,911		(9,231		)	1,520
Total liabilities and stockholder's equity	$	17,597	$	10,150	$	21,675	$	(29,364	)	$	20,058

For the Year Ended December 31, 2017

(In millions)



	Parent (The Hertz Corporation)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Total revenues	$	4,361		$	1,381		$	6,442		$	(3,381	)	$	8,803
Expenses:
Direct vehicle and operating	2,937			698			1,323			—			4,958
Depreciation of revenue earning vehicles and lease charges, net	3,157			413			2,609			(3,381		)	2,798
Selling, general and administrative	612			37			231			—			880
Interest (income) expense, net	400			(105		)	337			—			632
Goodwill and intangible asset impairments	—			86			—			—			86
Other (income) expense, net	30			—			(11		)	—			19
Total expenses	7,136			1,129			4,489			(3,381		)	9,373
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries	(2,775		)	252			1,953			—			(570		)
Income tax (provision) benefit	(925		)	311			1,516			—			902
Equity in earnings (losses) of subsidiaries, net of tax	4,032			629			—			(4,661		)	—
Net income (loss)	332			1,192			3,469			(4,661		)	332
Total other comprehensive income (loss), net of tax	53			6			22			(28		)	53
Comprehensive income (loss)	$	385		$	1,198		$	3,491		$	(4,689	)	$	385

THE HERTZ CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Year Ended December 31, 2016

(In millions)



	Parent (The Hertz Corporation)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Total revenues	$	4,604		$	1,483		$	6,022		$	(3,306	)	$	8,803
Expenses:
Direct vehicle and operating	2,909			761			1,263			(1		)	4,932
Depreciation of revenue earning vehicles and lease charges, net	2,766			685			2,453			(3,303		)	2,601
Selling, general and administrative	602			51			248			(2		)	899
Interest (income) expense, net	407			(58		)	274			—			623
Goodwill and intangible asset impairments	—			120			172			—			292
Other (income) expense, net	6			(10		)	(71		)	—			(75		)
Total expenses	6,690			1,549			4,339			(3,306		)	9,272
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries	(2,086		)	(66		)	1,683			—			(469		)
Income tax (provision) benefit	682			(26		)	(660		)	—			(4		)
Equity in earnings (losses) of subsidiaries, net of tax	916			266			—			(1,182		)	—
Net income (loss) from continuing operations	(488		)	174			1,023			(1,182		)	(473		)
Net income (loss) from discontinued operations	—			(5		)	(10		)	—			(15		)
Net income (loss)	(488		)	169			1,013			(1,182		)	(488		)
Total other comprehensive income (loss), net of tax	(29		)	7			(47		)	40			(29		)
Comprehensive income (loss)	$	(517	)	$	176		$	966		$	(1,142	)	$	(517	)

THE HERTZ CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2017

(In millions)



	Parent (The Hertz Corporation)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Net cash provided by (used in) operating activities	$	246		$	28		$	3,501		$	(1,376	)	$	2,399
Cash flows from investing activities:
Revenue earning vehicles expenditures	(314		)	(5		)	(10,277		)	—			(10,596		)
Proceeds from disposal of revenue earning vehicles	213			—			7,440			—			7,653
Capital asset expenditures, non-vehicle	(122		)	(11		)	(40		)	—			(173		)
Proceeds from disposal of property and other equipment	7			—			14			—			21
Proceeds from sale of Brazil Operations, net of retained cash	—			—			94			—			94
Sales of marketable securities	—			—			9			—			9
Sales of shares in equity investment, net of amounts invested	7			—			—			—			7
Acquisitions, net of cash acquired	—			(10		)	(5		)	—			(15		)
Capital contributions to subsidiaries	(2,979		)	—			—			2,979			—
Return of capital from subsidiaries	2,861			—			—			(2,861		)	—
Loan to Parent/Guarantor from Non-Guarantor	—			—			19			(19		)	—
Net cash provided by (used in) investing activities	(327		)	(26		)	(2,746		)	99			(3,000		)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	1,789			—			8,967			—			10,756
Repayments of vehicle debt	(1,796		)	—			(8,448		)	—			(10,244		)
Proceeds from issuance of non-vehicle debt	2,100			—			—			—			2,100
Repayments of non-vehicle debt	(1,560		)	—			—			—			(1,560		)
Payment of financing costs	(23		)	(4		)	(32		)	—			(59		)
Early redemption premium payment	(5		)	—			—			—			(5		)
Advances to Hertz Holdings	(6		)	—			—			—			(6		)
Other	1			—			—			—			1
Capital contributions received from parent	—			—			2,979			(2,979		)	—
Payment of dividends and return of capital	—			—			(4,237		)	4,237			—
Loan to Parent/Guarantor from Non-Guarantor	(19		)	—			—			19			—
Net cash provided by (used in) financing activities	481			(4		)	(771		)	1,277			983
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	—			—			28			—			28
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	400			(2		)	12			—			410
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	511			18			565			—			1,094
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	911		$	16		$	577		$	—		$	1,504

THE HERTZ CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2016

(In millions)



	Parent (The Hertz Corporation)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Net cash provided by (used in) operating activities from continuing operations	$	(1,892	)	$	85		$	5,151		$	(814	)	$	2,530
Cash flows from investing activities:
Revenue earning vehicles expenditures	(342		)	(69		)	(10,461		)	—			(10,872		)
Proceeds from disposal of revenue earning vehicles	417			—			8,262			—			8,679
Capital asset expenditures, non-vehicle	(80		)	(16		)	(38		)	—			(134		)
Proceeds from disposal of property and other equipment	35			1			23			—			59
Sales of marketable securities	—			—			267			—			267
Sales of shares in equity investment, net of amounts invested	(45		)	—			—			—			(45		)
Acquisitions, net of cash acquired	—			—			(2		)	—			(2		)
Capital contributions to subsidiaries	(2,368		)	—			—			2,368			—
Return of capital from subsidiaries	3,585			—			—			(3,585		)	—
Loan to Parent/Guarantor from Non-Guarantor	—			—			(1,055		)	1,055			—
Net cash provided by (used in) investing activities from continuing operations	1,202			(84		)	(3,004		)	(162		)	(2,048		)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	716			—			8,976			—			9,692
Repayments of vehicle debt	(707		)	—			(9,041		)	—			(9,748		)
Proceeds from issuance of non-vehicle debt	2,592			—			—			—			2,592
Repayments of non-vehicle debt	(4,651		)	—			—			—			(4,651		)
Payment of financing costs	(46		)	(3		)	(26		)	—			(75		)
Early redemption premium payment	(27		)	—			—			—			(27		)
Transfers from discontinued entities	2,122			—			—			—			2,122
Advances to Hertz Holdings	(102		)	—			—			—			(102		)
Other	13			—			—			—			13
Capital contributions received from parent	—			—			2,368			(2,368		)	—
Payment of dividends and return of capital	—			—			(4,399		)	4,399			—
Loan to Parent/Guarantor from Non-Guarantor	1,055			—			—			(1,055		)	—
Net cash provided by (used in) financing activities from continuing operations	965			(3		)	(2,122		)	976			(184		)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	—			—			(11		)	—			(11		)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	275			(2		)	14			—			287
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	236			20			551			—			807
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	511		$	18		$	565		$	—		$	1,094

Cash flows from discontinued operations:
Cash flows provided by (used in) operating activities	$	—		$	59		$	148		$	—		$	207
Cash flows provided by (used in) investing activities	—			(75		)	(2		)	—			(77		)
Cash flows provided by (used in) financing activities	—			44			(138		)	—			(94		)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period from discontinued operations	$	—		$	28		$	8		$	—		$	36

Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

Provided below is a summary of the quarterly operating results during 2018 and 2017. Amounts are computed independently each quarter. As a result, the sum of the quarter's amounts may not equal the total amount for the respective year.

Hertz Global



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
(In millions, except per share data)	2018			2018			2018		2018
Total revenues	$	2,063		$	2,389		$	2,758	$	2,294
Income (loss) from continuing operations before income taxes	(231		)	(86		)	181		(120		)
Net income (loss) attributable to Hertz Global	(202		)	(63		)	141		(101		)
Earnings (loss) per share:
Basic	(2.43		)	(0.75		)	1.68		(1.20		)
Diluted	(2.43		)	(0.75		)	1.68		(1.20		)



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
(In millions, except per share data)	2017			2017			2017		2017
Total revenues	$	1,916		$	2,224		$	2,572	$	2,091
Income (loss) from continuing operations before income taxes	(294		)	(245		)	143		(179		)
Net income (loss) attributable to Hertz Global	(223		)	(158		)	93		616
Earnings (loss) per share:
Basic	(2.69		)	(1.90		)	1.12		7.42
Diluted	(2.69		)	(1.90		)	1.12		7.42

Hertz



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
(In millions)	2018			2018			2018		2018
Total revenues	$	2,063		$	2,389		$	2,758	$	2,294
Income (loss) from continuing operations before income taxes	(230		)	(84		)	183		(118		)
Net income (loss) attributable to Hertz	(201		)	(61		)	142		(99		)



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
(In millions)	2017			2017			2017		2017
Total revenues	$	1,916		$	2,224		$	2,572	$	2,091
Income (loss) from continuing operations before income taxes	(293		)	(244		)	144		(178		)
Net income (loss) attributable to Hertz	(222		)	(158		)	94		619

In the fourth quarter 2017, the TCJA went into effect which contained wide-ranging changes to the U.S. tax structure, most notable of which was a reduction in the Company's tax rate, as further disclosed in Note 13, "Income Tax (Provision) Benefit."

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT

12 Months Ended

Dec. 31, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule I Condensed Financial Information of Registrant

PARENT COMPANY BALANCE SHEETS

(In millions, except par value)



	December 31,
	2018			2017
ASSETS
Cash and cash equivalents	$	—		$	—
Investments in subsidiaries, net	1,059			1,520
Deferred income taxes, net	2			—
Total assets	$	1,061		$	1,520
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value, no shares issued and outstanding	$	—		$	—
Common stock, $0.01 par value, 86 and 86 shares issued, respectively and 84 and 84 shares outstanding, respectively	1			1
Additional paid-in capital	2,261			2,243
Accumulated deficit	(909		)	(506		)
Accumulated other comprehensive income (loss)	(192		)	(118		)
	1,161			1,620
Treasury stock, at cost, 2 shares and 2 shares, respectively	(100		)	(100		)
Total stockholders' equity	$	1,061		$	1,520

The accompanying notes are an integral part of these financial statements.

PARENT COMPANY STATEMENTS OF OPERATIONS

(In millions)



	Years Ended December 31,
	2018			2017			2016
Total Revenues	$	—		$	—		$	—
Expenses:
Interest expense, net	7			5			1
Total expenses	7			5			1
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries	(7		)	(5		)	(1		)
Income tax (provision) benefit	2			—			—
Equity in earnings (losses) of subsidiaries, net of tax	(220		)	332			(488		)
Net income (loss) from continuing operations	(225		)	327			(489		)
Net income (loss) from discontinued operations	—			—			(2		)
Net income (loss)	$	(225	)	$	327		$	(491	)

The accompanying notes are an integral part of these financial statements.

SCHEDULE I (Continued)

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

HERTZ GLOBAL HOLDINGS, INC.

PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In millions)



	Years Ended December 31,
	2018			2017		2016
Net income (loss)	$	(225	)	$	327	$	(491	)
Total other comprehensive income (loss)	(63		)	53		(29		)
Total comprehensive income (loss)	$	(288	)	$	380	$	(520	)

The accompanying notes are an integral part of these financial statements.

PARENT COMPANY STATEMENTS OF CASH FLOWS

(In millions)



	Years Ended December 31,
	2018			2017			2016
Net cash provided by (used in) operating activities	$	(7	)	$	(5	)	$	(1	)
Cash flows from financing activities:
Proceeds from exercise of stock options	—			—			11
Net settlement on vesting of restricted stock	—			—			(2		)
Purchase of treasury shares	—			—			(100		)
Proceeds from loans with Hertz	9			6			102
Repayments of loans with Hertz	—			—			(10		)
Other	(2		)	(1		)	—
Net cash provided by (used in) financing activities	7			5			1
Net increase (decrease) in cash and cash equivalents during the period	—			—			—
Cash and cash equivalents at beginning of period	—			—			—
Cash and cash equivalents at end of period	$	—		$	—		$	—

Supplemental disclosures of non-cash information:
Settlement of amount due to affiliate	$	—		$	—		$	334

The accompanying notes are an integral part of these financial statements.

Background and Basis of Presentation

Hertz Global Holdings, Inc. ("Hertz Global" when including its subsidiaries and "Hertz Holdings" excluding its subsidiaries) was incorporated in Delaware in 2015 and wholly owns Rental Car Intermediate Holdings, LLC which wholly owns The Hertz Corporation ("Hertz"), Hertz Global's primary operating company.

On June 30, 2016, former Hertz Global Holdings, Inc. (for periods on or prior to June 30, 2016, “Old Hertz Holdings” and for periods after June 30, 2016, “Herc Holdings”) completed a spin-off (the “Spin-Off”) of its global vehicle rental business through a dividend to stockholders of record of Old Hertz Holdings as of the close of business on June 22, 2016, the record date for the distribution, of all of the issued and outstanding common stock of Hertz Rental Car Holding Company, Inc. (“New Hertz”), which was re-named Hertz Global Holdings, Inc. in connection with the Spin-Off, on a one-to-five basis. Hertz Global is an independent public company and trades on the New York Stock Exchange under the symbol "HTZ".

Despite the fact that this was a reverse spin off and Hertz Global was spun off from Old Hertz Holdings and was the legal spinnee in the transaction, for accounting purposes, due to the relative significance of New Hertz to Old Hertz Holdings, Hertz Global is considered the spinnor or divesting entity and Herc Holdings is considered the spinnee or divested entity. As a result, New Hertz, or Hertz Global, is the “accounting successor” to Old Hertz Holdings. As such, the historical financial information of Hertz Global reflects the equipment rental business and certain parent legal entities as discontinued operations.

These condensed parent company financial statements reflect the activity of Hertz Holdings as the parent company to Hertz and have been prepared in accordance with Rule 12-04, Schedule 1 of Regulation S-X, as the restricted net assets of Hertz exceed 25% of the consolidated net assets of Hertz Holdings. This information should be read in conjunction with the consolidated financial statements of Hertz Global included in this 2018 Annual Report under the caption Item 8, "Financial Statements and Supplementary Data."

On January 1, 2017, Hertz Holdings adopted guidance issued by the FASB on Improvements to Employee Share-Based Payment Accounting. This resulted in an opening balance sheet adjustment recorded to accumulated deficit of $49 million in the accompanying parent-only balance sheets of Hertz Holdings. See Note 2, "Significant Accounting Policies," to the Notes to its consolidated financial statements included in this 2018 Annual Report under the caption Item 8, "Financial Statements and Supplementary Data" for further details.

On January 1, 2018, Hertz Holdings adopted guidance issued by the FASB on Revenue from Contracts with Customers and, during the fourth fiscal quarter of 2018, adopted guidance on Reporting Comprehensive Income. This resulted in a net adjustment recorded to accumulated deficit of $178 million in the accompanying parent-only balance sheets of Hertz Holdings. See Note 2, "Significant Accounting Policies," to the Notes to its consolidated financial statements included in this 2018 Annual Report under the caption Item 8, "Financial Statements and Supplementary Data" for further details.

Contingencies

For a discussion of the commitments and contingencies of Hertz Holdings, refer to the sections below included in "Other Matters" in Note 16, "Contingencies and Off-Balance Sheet Commitments," to the Notes to its consolidated financial statements included in this 2018 Annual Report under the caption Item 8, "Financial Statements and Supplementary Data."


•	Governmental Investigations, insofar as it relates to the SEC investigation, and


•	In re Hertz Global Holdings, Inc. Securities Litigation

The remaining sections of Note 16, "Contingencies and Off-Balance Sheet Commitments," and Note 11, "Leases," describe the commitments and contingencies of Hertz Holdings, including its subsidiaries.

Dividends

Prior to the Spin-Off on June 30, 2016, Hertz paid a non-cash dividend to Hertz Investors, Inc. consisting of the full rights to the receivable due from Old Hertz Holdings in the amount of $334 million plus accrued interest. Hertz Investors, Inc. declared and paid the same dividend to Old Hertz Holdings; thereby settling the amount due to Hertz.

There were no non-cash dividends paid by Hertz in 2017 or 2018.

Share Repurchase

For a discussion of the share repurchase program of Hertz Holdings, refer to Note 18, "Equity and Earnings (Loss) Per Share - Hertz Global" to the notes to the Company's consolidated financial statements. As of December 31, 2018, Hertz Holdings repurchased two million shares for $100 million under this program. This amount is included in treasury stock in the accompanying parent-only balance sheets of Hertz Holdings as of December 31, 2018 and 2017.

Transactions with Affiliates

For a discussion of Hertz Holdings transactions with Hertz under the master loan, refer to Note 17, "Related Party Transactions," to the Notes to the Company's consolidated financial statements. The amounts related to the master loan transactions are included in investments in subsidiaries in the accompanying parent-only balance sheets of Hertz Holdings.

Valuation and Qualifying Accounts [Abstract]

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References + Details

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2018

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES

THE HERTZ CORPORATION AND SUBSIDIARIES

(In millions)



	Balance at Beginning of Period		Additions
	Balance at Beginning of Period		Charged to Expense		Translation Adjustments			Deductions				Balance at End of Period
Receivables allowances:
Year Ended December 31, 2018	$	33	$	35	$	(1	)	$	(40	)	^(a)	$	27
Year Ended December 31, 2017	42		33		3			(45		)	^(a)	33
Year Ended December 31, 2016	36		51		(2		)	(43		)	^(a)	42

Tax valuation allowances:
Year Ended December 31, 2018	$	305	$	21	$	1		$	(9	)	^(b)	$	318
Year Ended December 31, 2017	230		57		18			—				305
Year Ended December 31, 2016	148		83		(1		)	—				230


(a)	Amounts written off, net of recoveries.


(b)	See Note 13, "Income Tax (Provision) Benefit" for more information related to the release of the valuation allowance.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Reclassifications

Certain prior period amounts have been reclassified to conform with current period presentation.

Principles of Consolidation

Use of Estimates and Assumptions

Revenue Earning Vehicles

Self-insured Liabilities

Recoverability of Goodwill and Intangible Assets

Recoverability of Goodwill and Indefinite-lived Intangible Assets

Income Taxes

Revenue Recognition

The Company recognizes two types of revenue: (i) revenue from contracts with customers; and (ii) lease revenue, which is generated through the fleet leasing operations of its Donlen subsidiary.

The Company reports revenues for taxes or non-concession fees collected from customers on behalf of governmental authorities on a net basis.

Vehicle Rental and Rental Related Revenues

Licensee Revenue

Ancillary Retail Vehicle Sales Revenue

Fleet Management Revenue

Contract Balances

Cash, Restricted Cash, Cash Equivalents and Restricted Cash Equivalents

Receivables

Receivables, Net of Allowance

Foreign Currency Translation and Transactions

Stock-Based Compensation

Fair Value Measurements

Level 1: Inputs that reflect quoted prices for identical assets or liabilities in active markets that are observable.

Advertising

Divestitures

Recent Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Adopted

Revenue from Contracts with Customers

Hertz Global



(In millions)	Deferred Income Taxes, Net			Accrued Liabilities		Total Liabilities		Accumulated Deficit			Total Equity			Total Liabilities and Equity
As of December 31, 2017	$	1,220		$	920	$	18,538	$	(506	)	$	1,520		$	20,058
Effect of Adopting Topic 606	(51		)	240		189		(189		)	(189		)	—
As of January 1, 2018	$	1,169		$	1,160	$	18,727	$	(695	)	$	1,331		$	20,058

Hertz



(In millions)	Deferred Income Taxes, Net			Accrued Liabilities		Total Liabilities		Accumulated Deficit			Total Equity			Total Liabilities and Equity
As of December 31, 2017	$	1,220		$	920	$	18,538	$	(1,486	)	$	1,520		$	20,058
Effect of Adopting Topic 606	(51		)	240		189		(189		)	(189		)	—
As of January 1, 2018	$	1,169		$	1,160	$	18,727	$	(1,675	)	$	1,331		$	20,058

Hertz Global



(In millions, except per share data)	As Reported			Effect of Adoption Increase (Decrease)			Balances Without Adoption
Consolidated Balance Sheet as of December 31, 2018:
Accrued liabilities	$	1,304		$	244		$	1,060
Deferred income taxes, net	1,092			(54		)	1,146
Total liabilities	20,262			190			20,072
Accumulated deficit	(909		)	(190		)	(719		)
Total stockholders' equity	1,120			(190		)	1,310
Consolidated Statement of Operations for the Year Ended December 31, 2018:
Worldwide vehicle rental revenues	$	8,756		$	(6	)	$	8,762
Selling, general and administrative expense	1,017			(2		)	1,019
Income (loss) from continuing operations before income taxes	(257		)	(4		)	(253		)
Income tax (provision) benefit	30			3			27
Net income (loss) from continuing operations	(227		)	(1		)	(226		)
Net (income) loss attributable to noncontrolling interests	2			—			2
Net income (loss) attributable to Hertz Global	(225		)	(1		)	(224		)
Basic earnings (loss) per share	(2.68		)	(0.01		)	(2.67		)
Diluted earnings (loss) per share	(2.68		)	(0.01		)	(2.67		)
Consolidated Statement of Cash Flows for the Year Ended December 31, 2018:
Cash flows from operating activities:
Net income (loss)	$	(227	)	$	(1	)	$	(226	)
Deferred income taxes, net	(66		)	(3		)	(63		)
Accrued liabilities	75			4			71

Hertz



(In millions, except per share data)	As Reported			Effect of Adoption Increase (Decrease)			Balances Without Adoption
Consolidated Balance Sheet as of December 31, 2018:
Accrued liabilities	$	1,304		$	244		$	1,060
Deferred income taxes, net	1,094			(54		)	1,148
Total liabilities	20,264			190			20,074
Accumulated deficit	(1,884		)	(190		)	(1,694		)
Total stockholder's equity	1,118			(190		)	1,308
Consolidated Statement of Operations for the Year Ended December 31, 2018:
Worldwide vehicle rental revenues	$	8,756		$	(6	)	$	8,762
Selling, general and administrative expense	1,017			(2		)	1,019
Income (loss) from continuing operations before income taxes	(250		)	(4		)	(246		)
Income tax (provision) benefit	28			3			25
Net income (loss) from continuing operations	(222		)	(1		)	(221		)
Net (income) loss attributable to noncontrolling interests	2			—			2
Net income (loss) attributable to Hertz	(220		)	(1		)	(219		)
Consolidated Statement of Cash Flows for the Year Ended December 31, 2018:
Cash flows from operating activities:
Net income (loss)	$	(222	)	$	(1	)	$	(221	)
Deferred income taxes, net	(64		)	(3		)	(61		)
Accrued liabilities	75			4			71

The impact to the Company's consolidated statement of comprehensive income (loss) is comprised solely of the impact to net income (loss) as shown in the tables above.

Restricted Cash

Adoption of this guidance had no impact on the Company's financial position or results of operations. The impact to the consolidated statement of cash flows of adopting this guidance is as follows:

Hertz Global



	Year Ended December 31, 2017
(In millions)	As Previously Reported			Adjustments		As Adjusted
Net change in restricted cash and cash equivalents, vehicle	$	(147	)	$	147	$	—
Net cash provided by (used in) investing activities	(3,147		)	147		(3,000		)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations⁽¹⁾	21			7		28
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period⁽¹⁾	816			278		1,094
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period⁽¹⁾	1,072			432		1,504



	Year Ended December 31, 2016
(In millions)	As Previously Reported			Adjustments			As Adjusted
Net change in restricted cash and cash equivalents, vehicle	$	53		$	(53	)	$	—
Net change in restricted cash and cash equivalents, non-vehicle	(1		)	1			—
Net cash provided by (used in) investing activities	(1,996		)	(52		)	(2,048		)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations⁽¹⁾	(8		)	(3		)	(11		)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period⁽¹⁾	474			333			807
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period⁽¹⁾	816			278			1,094

Hertz



	Year Ended December 31, 2017
(In millions)	As Previously Reported			Adjustments		As Adjusted
Net change in restricted cash and cash equivalents, vehicle	$	(147	)	$	147	$	—
Net cash provided by (used in) investing activities	(3,147		)	147		(3,000		)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations⁽¹⁾	21			7		28
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period⁽¹⁾	816			278		1,094
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period⁽¹⁾	1,072			432		1,504



	Year Ended December 31, 2016
(In millions)	As Previously Reported			Adjustments			As Adjusted
Net change in restricted cash and cash equivalents, vehicle	$	53		$	(53	)	$	—
Net change in restricted cash and cash equivalents, non-vehicle	(1		)	1			—
Net cash provided by (used in) investing activities	(1,996		)	(52		)	(2,048		)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations⁽¹⁾	(8		)	(3		)	(11		)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period⁽¹⁾	474			333			807
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period⁽¹⁾	816			278			1,094


(1)	The amounts as previously reported were comprised of cash and cash equivalents and did not include restricted cash and restricted cash equivalents.

Reporting Comprehensive Income

Not Yet Adopted as of December 31, 2018

Changes to Disclosure Requirements for Defined Benefit Plans

Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement

Adoption of this guidance had no impact on the Company's financial position or results of operations. The impact to the consolidated statement of cash flows of adopting this guidance is as follows:

Hertz Global



	Year Ended December 31, 2017
(In millions)	As Previously Reported			Adjustments		As Adjusted
Net change in restricted cash and cash equivalents, vehicle	$	(147	)	$	147	$	—
Net cash provided by (used in) investing activities	(3,147		)	147		(3,000		)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations⁽¹⁾	21			7		28
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period⁽¹⁾	816			278		1,094
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period⁽¹⁾	1,072			432		1,504



	Year Ended December 31, 2016
(In millions)	As Previously Reported			Adjustments			As Adjusted
Net change in restricted cash and cash equivalents, vehicle	$	53		$	(53	)	$	—
Net change in restricted cash and cash equivalents, non-vehicle	(1		)	1			—
Net cash provided by (used in) investing activities	(1,996		)	(52		)	(2,048		)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations⁽¹⁾	(8		)	(3		)	(11		)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period⁽¹⁾	474			333			807
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period⁽¹⁾	816			278			1,094

Hertz



	Year Ended December 31, 2017
(In millions)	As Previously Reported			Adjustments		As Adjusted
Net change in restricted cash and cash equivalents, vehicle	$	(147	)	$	147	$	—
Net cash provided by (used in) investing activities	(3,147		)	147		(3,000		)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations⁽¹⁾	21			7		28
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period⁽¹⁾	816			278		1,094
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period⁽¹⁾	1,072			432		1,504



	Year Ended December 31, 2016
(In millions)	As Previously Reported			Adjustments			As Adjusted
Net change in restricted cash and cash equivalents, vehicle	$	53		$	(53	)	$	—
Net change in restricted cash and cash equivalents, non-vehicle	(1		)	1			—
Net cash provided by (used in) investing activities	(1,996		)	(52		)	(2,048		)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations⁽¹⁾	(8		)	(3		)	(11		)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period⁽¹⁾	474			333			807
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period⁽¹⁾	816			278			1,094


(1)	The amounts as previously reported were comprised of cash and cash equivalents and did not include restricted cash and restricted cash equivalents.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment

The Company's property and equipment, net consists of the following:



	December 31, 2018			December 31, 2017
Land, buildings and leasehold improvements	$	1,220		$	1,233
Service vehicles, equipment and furniture and fixtures	782			763
Less: accumulated depreciation	(1,224		)	(1,156		)
Total property and equipment, net	$	778		$	840

The components of revenue earning vehicles, net are as follows:



	December 31,
(In millions)	2018			2017
Revenue earning vehicles	$	15,242		$	14,209
Less: Accumulated depreciation	(3,134		)	(3,123		)
	12,108			11,086
Revenue earning vehicles intended for sale, net of depreciation	311			250
Revenue earning vehicles, net	$	12,419		$	11,336

Schedule of Estimated Useful Lives of Depreciable Assets

Property and equipment are stated at cost and are depreciated utilizing the straight-line method over the estimated useful lives of the related assets. Useful lives are as follows:



Buildings	1 to 50 years
Furniture and fixtures	1 to 5 years
Service vehicles and equipment	1 to 25 years
Leasehold improvements	The lesser of the economic life or the lease term

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

Additionally, the Company elected to apply the practical expedient where the value of unsatisfied performance obligations for sales-based royalty fees from franchisees is not disclosed. As disclosed above, the Company adopted Topic 606 on a modified retrospective basis, therefore, historical financial information has not been restated for comparative purposes and continues to be reported under the accounting standards in effect for those periods (“legacy guidance”).

Hertz Global



(In millions)	Deferred Income Taxes, Net			Accrued Liabilities		Total Liabilities		Accumulated Deficit			Total Equity			Total Liabilities and Equity
As of December 31, 2017	$	1,220		$	920	$	18,538	$	(506	)	$	1,520		$	20,058
Effect of Adopting Topic 606	(51		)	240		189		(189		)	(189		)	—
As of January 1, 2018	$	1,169		$	1,160	$	18,727	$	(695	)	$	1,331		$	20,058

Hertz



(In millions)	Deferred Income Taxes, Net			Accrued Liabilities		Total Liabilities		Accumulated Deficit			Total Equity			Total Liabilities and Equity
As of December 31, 2017	$	1,220		$	920	$	18,538	$	(1,486	)	$	1,520		$	20,058
Effect of Adopting Topic 606	(51		)	240		189		(189		)	(189		)	—
As of January 1, 2018	$	1,169		$	1,160	$	18,727	$	(1,675	)	$	1,331		$	20,058

Recent Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Adopted

Revenue from Contracts with Customers

Hertz Global



(In millions)	Deferred Income Taxes, Net			Accrued Liabilities		Total Liabilities		Accumulated Deficit			Total Equity			Total Liabilities and Equity
As of December 31, 2017	$	1,220		$	920	$	18,538	$	(506	)	$	1,520		$	20,058
Effect of Adopting Topic 606	(51		)	240		189		(189		)	(189		)	—
As of January 1, 2018	$	1,169		$	1,160	$	18,727	$	(695	)	$	1,331		$	20,058

Hertz



(In millions)	Deferred Income Taxes, Net			Accrued Liabilities		Total Liabilities		Accumulated Deficit			Total Equity			Total Liabilities and Equity
As of December 31, 2017	$	1,220		$	920	$	18,538	$	(1,486	)	$	1,520		$	20,058
Effect of Adopting Topic 606	(51		)	240		189		(189		)	(189		)	—
As of January 1, 2018	$	1,169		$	1,160	$	18,727	$	(1,675	)	$	1,331		$	20,058

Hertz Global



(In millions, except per share data)	As Reported			Effect of Adoption Increase (Decrease)			Balances Without Adoption
Consolidated Balance Sheet as of December 31, 2018:
Accrued liabilities	$	1,304		$	244		$	1,060
Deferred income taxes, net	1,092			(54		)	1,146
Total liabilities	20,262			190			20,072
Accumulated deficit	(909		)	(190		)	(719		)
Total stockholders' equity	1,120			(190		)	1,310
Consolidated Statement of Operations for the Year Ended December 31, 2018:
Worldwide vehicle rental revenues	$	8,756		$	(6	)	$	8,762
Selling, general and administrative expense	1,017			(2		)	1,019
Income (loss) from continuing operations before income taxes	(257		)	(4		)	(253		)
Income tax (provision) benefit	30			3			27
Net income (loss) from continuing operations	(227		)	(1		)	(226		)
Net (income) loss attributable to noncontrolling interests	2			—			2
Net income (loss) attributable to Hertz Global	(225		)	(1		)	(224		)
Basic earnings (loss) per share	(2.68		)	(0.01		)	(2.67		)
Diluted earnings (loss) per share	(2.68		)	(0.01		)	(2.67		)
Consolidated Statement of Cash Flows for the Year Ended December 31, 2018:
Cash flows from operating activities:
Net income (loss)	$	(227	)	$	(1	)	$	(226	)
Deferred income taxes, net	(66		)	(3		)	(63		)
Accrued liabilities	75			4			71

Hertz



(In millions, except per share data)	As Reported			Effect of Adoption Increase (Decrease)			Balances Without Adoption
Consolidated Balance Sheet as of December 31, 2018:
Accrued liabilities	$	1,304		$	244		$	1,060
Deferred income taxes, net	1,094			(54		)	1,148
Total liabilities	20,264			190			20,074
Accumulated deficit	(1,884		)	(190		)	(1,694		)
Total stockholder's equity	1,118			(190		)	1,308
Consolidated Statement of Operations for the Year Ended December 31, 2018:
Worldwide vehicle rental revenues	$	8,756		$	(6	)	$	8,762
Selling, general and administrative expense	1,017			(2		)	1,019
Income (loss) from continuing operations before income taxes	(250		)	(4		)	(246		)
Income tax (provision) benefit	28			3			25
Net income (loss) from continuing operations	(222		)	(1		)	(221		)
Net (income) loss attributable to noncontrolling interests	2			—			2
Net income (loss) attributable to Hertz	(220		)	(1		)	(219		)
Consolidated Statement of Cash Flows for the Year Ended December 31, 2018:
Cash flows from operating activities:
Net income (loss)	$	(222	)	$	(1	)	$	(221	)
Deferred income taxes, net	(64		)	(3		)	(61		)
Accrued liabilities	75			4			71

The impact to the Company's consolidated statement of comprehensive income (loss) is comprised solely of the impact to net income (loss) as shown in the tables above.

Restricted Cash

Adoption of this guidance had no impact on the Company's financial position or results of operations. The impact to the consolidated statement of cash flows of adopting this guidance is as follows:

Hertz Global



	Year Ended December 31, 2017
(In millions)	As Previously Reported			Adjustments		As Adjusted
Net change in restricted cash and cash equivalents, vehicle	$	(147	)	$	147	$	—
Net cash provided by (used in) investing activities	(3,147		)	147		(3,000		)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations⁽¹⁾	21			7		28
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period⁽¹⁾	816			278		1,094
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period⁽¹⁾	1,072			432		1,504



	Year Ended December 31, 2016
(In millions)	As Previously Reported			Adjustments			As Adjusted
Net change in restricted cash and cash equivalents, vehicle	$	53		$	(53	)	$	—
Net change in restricted cash and cash equivalents, non-vehicle	(1		)	1			—
Net cash provided by (used in) investing activities	(1,996		)	(52		)	(2,048		)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations⁽¹⁾	(8		)	(3		)	(11		)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period⁽¹⁾	474			333			807
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period⁽¹⁾	816			278			1,094

Hertz



	Year Ended December 31, 2017
(In millions)	As Previously Reported			Adjustments		As Adjusted
Net change in restricted cash and cash equivalents, vehicle	$	(147	)	$	147	$	—
Net cash provided by (used in) investing activities	(3,147		)	147		(3,000		)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations⁽¹⁾	21			7		28
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period⁽¹⁾	816			278		1,094
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period⁽¹⁾	1,072			432		1,504



	Year Ended December 31, 2016
(In millions)	As Previously Reported			Adjustments			As Adjusted
Net change in restricted cash and cash equivalents, vehicle	$	53		$	(53	)	$	—
Net change in restricted cash and cash equivalents, non-vehicle	(1		)	1			—
Net cash provided by (used in) investing activities	(1,996		)	(52		)	(2,048		)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations⁽¹⁾	(8		)	(3		)	(11		)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period⁽¹⁾	474			333			807
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period⁽¹⁾	816			278			1,094


(1)	The amounts as previously reported were comprised of cash and cash equivalents and did not include restricted cash and restricted cash equivalents.

Reporting Comprehensive Income

Not Yet Adopted as of December 31, 2018

Changes to Disclosure Requirements for Defined Benefit Plans

Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement

Adoption of this guidance had no impact on the Company's financial position or results of operations. The impact to the consolidated statement of cash flows of adopting this guidance is as follows:

Hertz Global



	Year Ended December 31, 2017
(In millions)	As Previously Reported			Adjustments		As Adjusted
Net change in restricted cash and cash equivalents, vehicle	$	(147	)	$	147	$	—
Net cash provided by (used in) investing activities	(3,147		)	147		(3,000		)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations⁽¹⁾	21			7		28
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period⁽¹⁾	816			278		1,094
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period⁽¹⁾	1,072			432		1,504



	Year Ended December 31, 2016
(In millions)	As Previously Reported			Adjustments			As Adjusted
Net change in restricted cash and cash equivalents, vehicle	$	53		$	(53	)	$	—
Net change in restricted cash and cash equivalents, non-vehicle	(1		)	1			—
Net cash provided by (used in) investing activities	(1,996		)	(52		)	(2,048		)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations⁽¹⁾	(8		)	(3		)	(11		)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period⁽¹⁾	474			333			807
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period⁽¹⁾	816			278			1,094

Hertz



	Year Ended December 31, 2017
(In millions)	As Previously Reported			Adjustments		As Adjusted
Net change in restricted cash and cash equivalents, vehicle	$	(147	)	$	147	$	—
Net cash provided by (used in) investing activities	(3,147		)	147		(3,000		)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations⁽¹⁾	21			7		28
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period⁽¹⁾	816			278		1,094
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period⁽¹⁾	1,072			432		1,504



	Year Ended December 31, 2016
(In millions)	As Previously Reported			Adjustments			As Adjusted
Net change in restricted cash and cash equivalents, vehicle	$	53		$	(53	)	$	—
Net change in restricted cash and cash equivalents, non-vehicle	(1		)	1			—
Net cash provided by (used in) investing activities	(1,996		)	(52		)	(2,048		)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations⁽¹⁾	(8		)	(3		)	(11		)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period⁽¹⁾	474			333			807
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period⁽¹⁾	816			278			1,094


(1)	The amounts as previously reported were comprised of cash and cash equivalents and did not include restricted cash and restricted cash equivalents.

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2018

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Discontinued Operations



(In millions)	Year Ended December 31, 2016
Total revenues	$	677
Direct operating expenses	366
Depreciation of revenue earning equipment and lease charges, net	181
Selling, general and administrative expenses	123
Interest expense, net⁽¹⁾	17
Other (income) expense, net	(1		)
Income (loss) from discontinued operations before income taxes	(9		)
(Provision) benefit for taxes on discontinued operations	(8		)
Net income (loss) from discontinued operations	$	(17	)


⁽¹⁾	In addition to interest expense directly associated with Herc Holdings, the Company allocated $5 million of interest expense related to certain debt repaid in connection with the Spin-Off to discontinued operations.

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Discontinued Operations



(In millions)	Year Ended December 31, 2016
Total revenues	$	677
Direct operating expenses	366
Depreciation of revenue earning equipment and lease charges, net	181
Selling, general and administrative expenses	124
Interest expense, net⁽¹⁾	13
Other (income) expense, net	(1		)
Income (loss) from discontinued operations before income taxes	(6		)
(Provision) benefit for taxes on discontinued operations	(9		)
Net income (loss) from discontinued operations	$	(15	)


⁽¹⁾	In addition to interest expense directly associated with Herc Holdings, the Company allocated $5 million of interest expense related to certain debt repaid in connection with the Spin-Off to discontinued operations.

Components of Revenue Earning Vehicles

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=84176398&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84176398&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

+ Details

Revenue Earning Vehicles (Tables)

12 Months Ended

Dec. 31, 2018

Revenue Earning Vehicles [Abstract]

The Company's property and equipment, net consists of the following:



	December 31, 2018			December 31, 2017
Land, buildings and leasehold improvements	$	1,220		$	1,233
Service vehicles, equipment and furniture and fixtures	782			763
Less: accumulated depreciation	(1,224		)	(1,156		)
Total property and equipment, net	$	778		$	840

The components of revenue earning vehicles, net are as follows:



	December 31,
(In millions)	2018			2017
Revenue earning vehicles	$	15,242		$	14,209
Less: Accumulated depreciation	(3,134		)	(3,123		)
	12,108			11,086
Revenue earning vehicles intended for sale, net of depreciation	311			250
Revenue earning vehicles, net	$	12,419		$	11,336

Depreciation of revenue earning equipment and lease charges

Depreciation of revenue earning vehicles and lease charges, net includes the following:



	Years Ended December 31,
(In millions)	2018		2017		2016
Depreciation of revenue earning vehicles	$	2,457	$	2,486	$	2,359
(Gain) loss on disposal of revenue earning vehicles^(a)	142		236		172
Rents paid for vehicles leased	91		76		70
Depreciation of revenue earning vehicles and lease charges, net	$	2,690	$	2,798	$	2,601

(a) (Gain) loss on disposal of revenue earning vehicles by segment is as follows:



	Years Ended December 31,
(In millions)	2018			2017		2016
U.S. Rental Car⁽ⁱ⁾	$	145		$	234	$	177
International Rental Car	(3		)	2		(5		)
Total	$	142		$	236	$	172


(i)	Includes costs associated with the Company's U.S. vehicle sales operations of $148 million, $132 million and $109 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Impact of depreciation rate changes

The impact of depreciation rate changes is as follows:



Increase (decrease)	Years Ended December 31,
(In millions)	2018			2017		2016
U.S. Rental Car	$	(60	)	$	77	$	141
International Rental Car	1			10		4
Total	$	(59	)	$	87	$	145

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of changes in goodwill, by segment

The following summarizes the changes in the Company's goodwill, by segment:



(In millions)	U.S. Rental Car		International Rental Car			All Other Operations		Total
Balance as of January 1, 2018
Goodwill	$	1,029	$	237		$	36	$	1,302
Accumulated impairment losses	—		(218		)	—		(218		)
	1,029		19			36		1,084
Goodwill acquired and other changes during the period^(a)	—		(1		)	—		(1		)
	—		(1		)	—		(1		)
Balance as of December 31, 2018
Goodwill	1,029		236			36		1,301
Accumulated impairment losses	—		(218		)	—		(218		)
	$	1,029	$	18		$	36	$	1,083



(In millions)	U.S. Rental Car		International Rental Car			All Other Operations		Total
Balance as of January 1, 2017
Goodwill	$	1,028	$	237		$	34	$	1,299
Accumulated impairment losses	—		(218		)	—		(218		)
	1,028		19			34		1,081
Goodwill acquired and other changes during the period^(a)	1		—			2		3
	1		—			2		3
Balance as of December 31, 2017
Goodwill	1,029		237			36		1,302
Accumulated impairment losses	—		(218		)	—		(218		)
	$	1,029	$	19		$	36	$	1,084


(a)	Changes in the International Rental Car segment and All Other Operations segment primarily consists of foreign currency exchange rate adjustments.

Schedule of components of other intangible assets by major classes

ntangible assets, net, consisted of the following major classes:



	December 31, 2018
(In millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Amortizable intangible assets:
Customer-related	$	333	$	(309	)	$	24
Concession rights	413		(279		)	134
Technology-related intangibles^(a)	412		(219		)	193
Other^(b)	82		(69		)	13
Total	1,240		(876		)	364
Indefinite-lived intangible assets:
Tradenames	2,814		—			2,814
Other^(c)	25		—			25
Total	2,839		—			2,839
Total intangible assets, net	$	4,079	$	(876	)	$	3,203



	December 31, 2017
(In millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Amortizable intangible assets:
Customer-related	$	333	$	(301	)	$	32
Concession rights	413		(233		)	180
Technology-related intangibles^(a)	377		(204		)	173
Other^(b)	82		(64		)	18
Total	1,205		(802		)	403
Indefinite-lived intangible assets:
Tradenames	2,814		—			2,814
Other^(c)	25		—			25
Total	2,839		—			2,839
Total intangible assets, net	$	4,044	$	(802	)	$	3,242


(a)	Technology-related intangibles include software not yet placed into service.


(b)	Other amortizable intangible assets primarily include the Donlen tradename and reacquired franchise rights.


(c)	Other indefinite-lived intangible assets primarily consist of reacquired franchise rights.

Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Components of Debt

The Company's debt, including its available credit facilities, consists of the following ($ in millions):



Facility	Weighted Average Interest Rate as of December 31, 2018	Fixed or Floating Interest Rate	Maturity	December 31, 2018			December 31, 2017
Non-Vehicle Debt
Senior Term Loan	5.28%	Floating	6/2023	$	674		$	688
Senior RCF	N/A	Floating	6/2021	—			—
Senior Notes⁽¹⁾	6.13%	Fixed	10/2020-10/2024	2,500			2,500
Senior Second Priority Secured Notes	7.63%	Fixed	6/2022	1,250			1,250
Promissory Notes	7.00%	Fixed	1/2028	27			27
Other Non-Vehicle Debt	6.73%	Fixed	Various	4			11
Unamortized Debt Issuance Costs and Net (Discount) Premium				(33		)	(42		)
Total Non-Vehicle Debt				4,422			4,434
Vehicle Debt
HVF U.S. Vehicle Medium Term Notes
HVF Series 2010-1	N/A	N/A	N/A	—			39
HVF Series 2013-1	N/A	N/A	N/A	—			625
				—			664
HVF II U.S. ABS Program
HVF II U.S. Vehicle Variable Funding Notes
HVF II Series 2013-A⁽²⁾	3.92%	Floating	3/2020	2,940			1,970
HVF II Series 2013-B⁽²⁾	N/A	Floating	3/2020	—			123
				2,940			2,093
HVF II U.S. Vehicle Medium Term Notes
HVF II Series 2015-1⁽²⁾	2.93%	Fixed	3/2020	780			780
HVF II Series 2015-2⁽²⁾	N/A	N/A	N/A	—			265
HVF II Series 2015-3⁽²⁾	3.10%	Fixed	9/2020	371			371
HVF II Series 2016-1⁽²⁾	2.89%	Fixed	3/2019	466			466
HVF II Series 2016-2⁽²⁾	3.41%	Fixed	3/2021	595			595
HVF II Series 2016-3⁽²⁾	2.72%	Fixed	7/2019	424			424
HVF II Series 2016-4⁽²⁾	3.09%	Fixed	7/2021	424			424
HVF II Series 2017-1⁽²⁾	3.38%	Fixed	10/2020	450			450
HVF II Series 2017-2⁽²⁾	3.57%	Fixed	10/2022	350			350
HVF II Series 2018-1⁽²⁾	3.41%	Fixed	2/2023	1,000			—
HVF II Series 2018-2⁽²⁾	3.80%	Fixed	6/2021	200			—
HVF II Series 2018-3⁽²⁾	4.15%	Fixed	7/2023	200			—
				5,260			4,125
Donlen ABS Program
HFLF Variable Funding Notes
HFLF Series 2013-2⁽²⁾	3.39%	Floating	3/2020	320			380
				320			380



Facility	Weighted Average Interest Rate as of December 31, 2018	Fixed or Floating Interest Rate	Maturity	December 31, 2018			December 31, 2017
HFLF Medium Term Notes
HFLF Series 2015-1⁽³⁾	3.86%	Floating	1/2019-3/2019	33			145
HFLF Series 2016-1⁽³⁾	3.57%	Both	1/2019-2/2020	171			318
HFLF Series 2017-1⁽³⁾	2.79%	Both	1/2019-4/2021	397			500
HFLF Series 2018-1⁽³⁾	3.24%	Both	7/2019-6/2021	550			—
				1,151			963
Vehicle Debt - Other
U.S. Vehicle RCF	5.01%	Floating	6/2021	146			186
European Revolving Credit Facility	N/A	Floating	N/A	—			184
European Vehicle Notes⁽⁴⁾	5.07%	Fixed	10/2021-3/2023	829			773
European Securitization⁽²⁾	N/A	N/A	N/A	—			367
European ABS⁽²⁾	1.75%	Floating	10/2020	600			—
Canadian Securitization⁽²⁾	3.43%	Floating	3/2020	220			237
Australian Securitization⁽²⁾	3.63%	Floating	3/2020	155			155
New Zealand RCF	4.64%	Floating	3/2020	40			42
U.K. Financing Facility	3.08%	Floating	1/2019-9/2021	242			251
Other Vehicle Debt	3.99%	Floating	1/2019-10/2022	42			51
				2,274			2,246
Unamortized Debt Issuance Costs and Net (Discount) Premium				(43		)	(40		)
Total Vehicle Debt				11,902			10,431
Total Debt				$	16,324		$	14,865

N/A - Not applicable


(1)	References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth in the table below. Outstanding principal amounts for each such series of the Senior Notes is also specified below:



(In millions)	Outstanding Principal
Senior Notes	December 31, 2018		December 31, 2017
5.875% Senior Notes due October 2020	$	700	$	700
7.375% Senior Notes due January 2021	500		500
6.250% Senior Notes due October 2022	500		500
5.500% Senior Notes due October 2024	800		800
	$	2,500	$	2,500

(2)

(3)

(4)



(In millions)	Outstanding Principal
European Vehicle Notes	December 31, 2018		December 31, 2017
4.375% Senior Notes due January 2019	$	—	$	505
4.125% Senior Notes due October 2021	257		268
5.500% Senior Notes due March 2023	572		—
	$	829	$	773

Accordingly, the related principal amounts below are eliminated in consolidation as of December 31, 2018.



(In millions)	Aggregate Principal Amount
HVF II Series 2017-2 Class D Notes	$	20
HVF II Series 2018-1 Class D Notes	58
HVF II Series 2018-2 Class D Notes	13
HVF II Series 2018-3 Class D Notes	13
Total	$	104

The fair value of debt is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (Level 2 inputs).



	As of December 31, 2018				As of December 31, 2017
(In millions)	Nominal Unpaid Principal Balance		Aggregate Fair Value		Nominal Unpaid Principal Balance		Aggregate Fair Value
Non-Vehicle Debt	$	4,455	$	4,011	$	4,476	$	4,438
Vehicle Debt	11,945		11,891		10,471		10,456
Total	$	16,400	$	15,902	$	14,947	$	14,894

Schedule of extinguishment of debt

The following table reflects the amount of losses for each respective redemption/termination:



	Years Ended December 31,
Redemption/Termination (In millions)	2018		2017		2016
Non-Vehicle Debt:
Senior Term Facilities	$	—	$	—	$	15
Senior RCF	—		7		—
4.25% Senior Notes due April 2018	—		6		—
7.50% Senior Notes due October 2018	—		—		18
6.75% Senior Notes due April 2019	—		—		16
Total Non-Vehicle Debt	—		13		49
Vehicle Debt:
HVF II Series 2014-A	—		—		6
HVF II Series 2017-A	2		—		—
4.375% European Vehicle Notes due 2019	20		—		—
Total Vehicle Debt	22		—		6
Total Loss on Extinguishment of Debt	$	22	$	13	$	55

Components of maturities of debt

At December 31, 2018, the nominal amounts of maturities of debt for each of the years ending December 31 are as follows:



(In millions)	2019		2020		2021		2022		2023		After 2023
Non-Vehicle Debt	$	16	$	714	$	515	$	1,764	$	619	$	827
Vehicle Debt	1,597		6,412		1,813		352		1,771		—
Total	$	1,613	$	7,126	$	2,328	$	2,116	$	2,390	$	827

Schedule of facilities available for the use of the company and its subsidiaries

The following facilities were available to the Company as of December 31, 2018 and are presented net of any outstanding letters of credit:



(In millions)	Remaining Capacity		Availability Under Borrowing Base Limitation
Non-Vehicle Debt
Senior RCF	$	496	$	496
Letter of Credit Facility	3		3
Total Non-Vehicle Debt	499		499
Vehicle Debt
U.S. Vehicle RCF	—		—
HVF II U.S. Vehicle Variable Funding Notes	725		—
HFLF Variable Funding Notes	180		19
European ABS	543		69
Canadian Securitization	37		—
Australian Securitization	21		—
U.K. Financing Facility	73		—
New Zealand RCF	—		—
Total Vehicle Debt	1,579		88
Total	$	2,078	$	587

The interest terms, maturity, and subordination of the notes sold to third parties remained consistent with the terms per the respective initial offerings.



(In millions)	Aggregate Principal Amount
HVF II Series 2015-2 Class D Notes	$	15
HVF II Series 2015-3 Class D Notes	21
HVF II Series 2016-1 Class D Notes	27
HVF II Series 2016-2 Class D Notes	34
HVF II Series 2016-3 Class D Notes	24
HVF II Series 2016-4 Class D Notes	24
Total	$	145

Employee Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Schedule of Net Funded Status



	Pension Benefits												Postretirement
	U.S.						Non-U.S.						Benefits (U.S.)
(In millions)	2018			2017			2018			2017			2018			2017
Change in Benefit Obligation
Benefit obligation as of January 1	$	555		$	538		$	279		$	257		$	14		$	14
Service cost	1			1			1			1			—			—
Interest cost	19			21			7			6			1			1
Employee contributions	—			—			—			—			—			—
Plan amendments	—			—			1			—			—			—
Plan curtailments	—			(1		)	—			—			—			—
Plan settlements	(31		)	(2		)	—			—			—			—
Benefits paid	(4		)	(22		)	(6		)	(8		)	(1		)	(2		)
Foreign currency exchange rate translation	—			—			(13		)	27			—			—
Actuarial loss (gain)	(23		)	20			(23		)	(4		)	(2		)	1
Transfers in connection with the Spin-Off	(1		)	—			—			—			—			—
Benefit obligation as of December 31	$	516		$	555		$	246		$	279		$	12		$	14
Change in Plan Assets
Fair value of plan assets as of January 1	$	526		$	459		$	217		$	188		$	—		$	—
Actual return (loss) gain on plan assets	(42		)	84			(12		)	15			—			—
Company contributions	5			3			4			4			1			2
Employee contributions	—			—			—			—			—			—
Plan settlements	(31		)	(2		)	—			—			—			—
Benefits paid	(4		)	(22		)	(6		)	(8		)	(1		)	(2		)
Foreign currency exchange rate translation	—			—			(11		)	18			—			—
Transfers in connection with the Spin-Off	—			—			—			—			—			—
Amounts associated with the Spin-Off	(2		)	4			—			—			—			—
Fair value of plan assets as of December 31	$	452		$	526		$	192		$	217		$	—		$	—
Funded Status of the Plan
Plan assets less than benefit obligation	$	(64	)	$	(29	)	$	(54	)	$	(62	)	$	(12	)	$	(14	)

Schedule of Defined Benefit Plan, Amounts Included in Financial Statements and Assumptions Used



	Pension Benefits												Postretirement
	U.S.						Non-U.S.						Benefits (U.S.)
($ in millions)	2018			2017			2018			2017			2018			2017
Amounts recognized in balance sheet:
Prepaid expenses and other assets	$	—		$	—		$	21		$	17		$	—		$	—
Accrued liabilities	(64		)	(29		)	(75		)	(79		)	(12		)	(14		)
Net obligation recognized in the balance sheet	$	(64	)	$	(29	)	$	(54	)	$	(62	)	$	(12	)	$	(14	)

Prior service credit	$	—		$	—		(1		)	$	—		—			$	—
Net gain (loss)	(87		)	(43		)	(58		)	(62		)	1			(1		)
Accumulated other comprehensive income (loss)	(87		)	(43		)	(59		)	(62		)	1			(1		)
Funded/(Unfunded) accrued pension or postretirement benefit	23			14			5			—			(13		)	(13		)
Net obligation recognized in the balance sheet	$	(64	)	$	(29	)	$	(54	)	$	(62	)	$	(12	)	$	(14	)

Total recognized in other comprehensive (income) loss	$	44		$	(43	)	$	(2	)	$	(4	)	$	(2	)	$	1
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	40		$	(43	)	$	(5	)	$	(5	)	$	(1	)	$	2
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next fiscal year:
Net gain (loss)	$	5		$	(1	)	$	(1	)	$	(1	)	$	—		$	—
Accumulated Benefit Obligation as of December 31	$	516		$	554		$	245		$	278		N/A			N/A

Weighted average assumptions as of December 31
Discount rate	4.2		%	3.6		%	2.7		%	2.4		%	4.2		%	3.5		%
Expected return on assets	6.3		%	6.3		%	4.9		%	5.2		%	N/A			N/A
Average rate of increase in compensation	4.3		%	4.3		%	2.8		%	2.8		%	N/A			N/A
Initial health care cost trend rate	N/A			N/A			N/A			N/A			6.1		%	6.4		%
Ultimate health care cost trend rate	N/A			N/A			N/A			N/A			4.5		%	4.5		%
Number of years to ultimate trend rate	N/A			N/A			N/A			N/A			20			21

N/A - Not applicable

Schedule of Net Benefit Costs

The following table sets forth the net periodic pension and postretirement (including health care, life insurance and auto) expense charged to net income (loss) from continuing operations:



	Pension Benefits																		Postretirement Benefits (U.S.)
	U.S.									Non-U.S.									Postretirement Benefits (U.S.)
	Years Ended December 31,
($ in millions)	2018			2017			2016			2018			2017			2016			2018			2017			2016
Components of Net Periodic Pension and Postretirement (Expense) Benefit
Service cost	$	1		$	1		$	2		$	1		$	1		$	1		$	—		$	—		$	—
Interest cost	19			21			24			7			6			8			1			1			1
Expected return on plan assets	(28		)	(26		)	(32		)	(11		)	(10		)	(11		)	—			—			—
Net amortizations	1			3			6			1			2			—			—			—			—
Settlement loss	3			1			5			—			—			—			—			—			—
Net pension and postretirement expense (benefit)	$	(4	)	$	—		$	5		$	(2	)	$	(1	)	$	(2	)	$	1		$	1		$	1
Weighted average discount rate for expense (January 1)	3.6		%	4.0		%	4.3		%	2.4		%	2.5		%	3.6		%	3.5		%	3.9		%	4.2		%
Weighted average assumed long-term rate of return on assets (January 1)	6.3		%	7.0		%	7.2		%	5.2		%	5.2		%	6.1		%	N/A			N/A			N/A
Initial health care cost trend rate	N/A			N/A			N/A			N/A			N/A			N/A			6.4		%	6.7		%	6.9		%
Ultimate health care cost trend rate	N/A			N/A			N/A			N/A			N/A			N/A			4.5		%	4.5		%	4.5		%
Number of years to ultimate trend rate	N/A			N/A			N/A			N/A			N/A			N/A			20			21			22

N/A - Not applicable

Schedule of Allocation of Plan Assets



(In millions)	December 31, 2018				December 31, 2017
Asset Category	Level 1		Level 2		Level 1		Level 2
Cash	$	1	$	—	$	1	$	—
Short Term Investments	—		3		—		2
Equity Funds:
U.S. Large Cap	—		121		—		148
U.S. Mid Cap	—		34		—		42
U.S. Small Cap	—		27		—		33
International Large Cap	—		76		—		87
International Emerging Markets	—		23		—		26
Asset-Backed Securities	—		8		—		8
Fixed Income Securities:
U.S. Treasuries	—		51		—		53
Corporate Bonds	—		82		—		96
Government Bonds	—		8		—		10
Municipal Bonds	—		11		—		12
Real Estate (REITs)	—		7		—		8
Total fair value of pension plan assets	$	1	$	451	1		525

The fair value measurements of the Company's U.K. Plan assets are based upon inputs that reflect quoted prices for identical assets or liabilities in active markets that are observable (Level 1) and significant observable inputs that reflect quoted prices for similar assets or liabilities in active markets (Level 2). The fair value measurements of the U.K. Plan assets relate to common collective trusts and other pooled investment vehicles consisting of the following asset categories:



(In millions)	December 31, 2018				December 31, 2017
Asset Category	Level 1		Level 2		Level 1		Level 2
Actively Managed Multi-Asset Funds:
Diversified Growth Funds	$	—	$	36	$	—	$	76
Multi Asset Credit	—		32		—		—
Passive Equity Funds:
U.K. Equities	—		23		—		28
Overseas Equities	—		28		—		33
Passive Bond Funds:
Corporate Bonds	—		21		—		23
Index-Linked Gilts	—		—		—		—
Liability Driven Investments	—		35		—		42
Liquidity Fund	11		—		9		—
Total fair value of pension plan assets	$	11	$	175	$	9	$	202

Schedule of Expected Benefit Payments

The following table presents estimated future benefit payments:



(In millions)	Pension Benefits		Postretirement Benefits (U.S.)
2019	$	46	$	1
2020	41		1
2021	43		1
2022	45		1
2023	48		1
After 2023	245		5
	$	468	$	10

Schedule of Multiemployer Plans

For plans that are not individually significant to the Company, the total amount of contributions is presented in the aggregate.



	EIN /Pension Plan Number	Pension Protection Act Zone Status		FIP / RP Status Pending /Implemented⁽¹⁾	Contributions by The Hertz Corporation (In millions)						Surcharge Imposed	Expiration Dates of Collective Bargaining Agreements
Pension Fund	EIN /Pension Plan Number	2018	2017	FIP / RP Status Pending /Implemented⁽¹⁾	2018		2017		2016		Surcharge Imposed	Expiration Dates of Collective Bargaining Agreements
Western Conference of Teamsters	91-6145047	Green	Green	NA	$	7	$	6	$	6	N/A	10/1/2020
Other Plans⁽²⁾					3		4		3
Total Contributions					$	10	$	10	$	9


N/A	Not applicable

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents revenues from contracts with customers by reportable segment and disaggregated by product/service and type of location and customer:



	Year Ended December 31, 2018
(In millions)	U.S. Rental Car		International Rental Car		All Other Operations		Consolidated
Vehicle rental and rental related:
Airport	$	4,465	$	1,288	$	—	$	5,753
Off airport	1,881		842		—		2,723
Total vehicle rental and rental related	6,346		2,130		—		8,476

Other:
Licensee revenue	32		145		—		177
Ancillary retail vehicle sales	102		1		—		103
Fleet management	—		—		45		45
Total other	134		146		45		325
Total revenue from contracts with customers	$	6,480	$	2,276	$	45	$	8,801

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of the total compensation expense and associated recognized income tax benefits

A summary of the total compensation expense and associated income tax benefits recognized, including the cost of stock options, RSUs, PSUs, and PSAs is as follows:



	Years Ended December 31,
(In millions)	2018			2017			2016
Compensation expense	$	14		$	19		$	13
Income tax benefit	(3		)	(8		)	(5		)
Total	$	11		$	11		$	8

Schedule of valuation assumptions

The value of each option award is estimated on the grant date using a Black-Scholes option valuation model that incorporates the assumptions noted in the following table.

The Company calculates the expected volatility based on the historical movement of its stock price.



	Grants
Assumption	2018			2017			2016
Expected volatility	56.7		%	47.8		%	44.2		%
Expected dividend yield	—		%	—		%	—		%
Expected term (years)	5			7			5
Risk-free interest rate	2.57		%	1.95		%	1.00		%
Weighted average grant date fair value	$	8.92		$	9.44		$	39.35

Summary of option activity under the stock incentive plan and omnibus plan

A summary of option activity as of December 31, 2018 is presented below.



Options	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (In millions)
Outstanding as of January 1, 2018	1,134,694		$	44.35	4.3	$	—
Granted	524,817		17.76		—	—
Exercised	(10,847	)	2.80		—	—
Forfeited or Expired	(478,346	)	50.14		—	—
Outstanding as of December 31, 2018	1,170,318		30.44		4.8	—
Exercisable as of December 31, 2018	240,625		62.30		1.9	—

Summary of non-vested options and changes during the year

A summary of non-vested option activity as of December 31, 2018 is presented below.



	Non-vested Shares		Weighted Average Exercise Price		Weighted Average Grant-Date Fair Value
Non-vested as of January 1, 2018	764,289		$	35.25	$	13.54
Granted	524,817		17.76		8.92
Vested	(124,262	)	63.05		21.64
Forfeited	(235,151	)	33.14		13.28
Non-vested as of December 31, 2018	929,693		22.20		9.92

Schedule of additional information pertaining to option activity under the plans

Additional information pertaining to option activity under the plans is as follows:



	Years Ended December 31,
(In millions)	2018		2017		2016
Aggregate intrinsic value of stock options exercised	$	—	$	—	$	12
Cash received from the exercise of stock options	—		—		10
Fair value of options that vested	3		3		10
Tax benefit realized on exercise of stock options	—		—		4

Summary of PSU and RSU activity under the omnibus plan

A summary of the PSU and PSA activity as of December 31, 2018 is presented below.



	Shares		Weighted Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding as of January 1, 2018	1,233,923		$	29.98	$	5
Granted	1,424,974		17.64		—
Vested	(367,650	)	21.31		—
Forfeited or Expired	(724,121	)	28.39		—
Outstanding as of December 31, 2018	1,567,126		21.61		12

A summary of RSU activity as of December 31, 2018 is presented below.



	Shares		Weighted- Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding as of January 1, 2018	738,540		$	24.20	$	16
Granted	904,542		17.40		—
Vested	(237,534	)	20.05		—
Forfeited or Expired	(283,315	)	22.14		—
Outstanding as of December 31, 2018	1,122,233		20.11		15

Schedule of additional information pertaining to RSU activity

Additional information pertaining to RSU activity is as follows:



	Years Ended December 31,
	2018		2017		2016
Total fair value of awards that vested (In millions)	$	5	$	6	$	7
Weighted average grant date fair value of awards	17.40		19.27		38.86

Leases (Tables)

12 Months Ended

Dec. 31, 2018

Leases [Abstract]

Schedule of lease expenses



	Years ended December 31,
(In millions)	2018		2017		2016
Minimum fixed lease cost	$	577	$	515	$	493
Variable lease cost	438		430		421
Total	$	1,015	$	945	$	914

Schedule of minimum obligations under existing agreements



(In millions)	Total
2019	$	413
2020	313
2021	255
2022	194
2023	139
After 2023	866
Total	$	2,180

Restructuring (Tables)

12 Months Ended

Dec. 31, 2018

Restructuring and Related Activities [Abstract]

Summary of restructuring charges in consolidated statement of operations

Restructuring charges under these programs were as follows:



	Year Ended December 31,
(In millions)	2016
By Type:
Termination benefits	$	24
Impairments and asset write-downs	30
Facility closure and lease obligation costs	7
Other	1
Total	$	62
By Caption:
Direct vehicle and operating expense	$	36
Selling, general and administrative expense	26
Total	$	62
By Segment:
U.S. Rental Car	$	49
International Rental Car	9
Corporate	4
Total	$	62

Income Tax (Provision) Benefit (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of components of income before income taxes

The components of income (loss) from continuing operations before income taxes for the periods were as follows (in millions):

Hertz Global



	As of December 31,
	2018			2017			2016
Domestic	$	(293	)	$	(680	)	$	(535	)
Foreign	36			105			65
Total income (loss) from continuing operations before income taxes	$	(257	)	$	(575	)	$	(470	)

Hertz



	As of December 31,
	2018			2017			2016
Domestic	$	(286	)	$	(675	)	$	(534	)
Foreign	36			105			65
Total income (loss) from continuing operations before income taxes	$	(250	)	$	(570	)	$	(469	)

Schedule of total provision for taxes on income

The total income tax provision (benefit) consists of the following (in millions):

Hertz Global and Hertz



	As of December 31,
	2018			2017			2016
Current:
Federal	$	(3	)	$	—		$	22
Foreign	32			19			48
State and local	7			1			12
Total current	36			20			82
Deferred:
Federal	(66		)	(900		)	(131		)
Foreign	11			10			1
State and local	(11		)	(32		)	52
Total deferred	(66		)	(922		)	(78		)
Total provision (benefit) - Hertz Global	(30		)	(902		)	4
Federal deferred tax expense applicable to Hertz only	2			—			—
Total provision (benefit) - Hertz	$	(28	)	$	(902	)	$	4

Schedule of principal items of the U.S. and foreign net deferred tax assets and liabilities

The principal items of the U.S. and foreign net deferred tax assets and liabilities are as follows (in millions):

Hertz Global and Hertz



	As of December 31,
	2018			2017
Deferred tax assets:
Employee benefit plans	$	34		$	27
Net operating loss carry forwards	1,937			1,343
Federal, state and foreign local tax credit carry forwards	42			24
Accrued and prepaid expenses	163			90
Total deferred tax assets	2,176			1,484
Less: valuation allowance	(318		)	(305		)
Total net deferred tax assets	1,858			1,179
Deferred tax liabilities:
Depreciation on tangible assets	(2,130		)	(1,576		)
Intangible assets	(761		)	(764		)
Total deferred tax liabilities	(2,891		)	(2,340		)
Net deferred tax liability - Hertz Global	$	(1,033	)	$	(1,161	)
Deferred tax asset - net operating loss not applicable to Hertz	(3		)	—
Net deferred tax liability - Hertz	$	(1,036	)	$	(1,161	)

Schedule of significant items in the reconciliation of the statutory and effective income tax rates

The significant items in the reconciliation of the statutory and effective income tax rates consisted of the following:

Hertz Global and Hertz



	Years Ended December 31,
	2018		2017		2016
Statutory federal tax rate	21	%	35	%	35	%
Foreign tax rate differential	(1	)	2		2
State and local income taxes, net of federal income tax benefit	7		6		3
Change in state apportionment and statutory rates, net of federal income tax benefit	1		6		(7	)
Tax reform	(9	)	118		—
Federal and foreign permanent differences	—		—		(1	)
Withholding taxes	(3	)	(2	)	(2	)
Uncertain tax positions	(3	)	—		—
Change in valuation allowance	(5	)	(7	)	(11	)
Change in foreign statutory rates	(3	)	—		(3	)
Tax credits	7		(1	)	—
Goodwill impairment	—		—		(12	)
Stock option shortfalls	(1	)	(1	)	(3	)
All other items, net	1		1		(2	)
Effective tax rate - Hertz Global	12	%	157	%	(1	)%
All other items, net rate impact not applicable to Hertz	(1	)	1		—
Effective tax rate - Hertz	11	%	158	%	(1	)%

Schedule of a reconciliation of the beginning and ending amount of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

Hertz Global and Hertz



	Years Ended December 31,
(In millions)	2018			2017			2016
Balance as of January 1	$	43		$	45		$	81
Increase (decrease) attributable to tax positions taken during prior periods	3			(2		)	(35		)
Increase (decrease) attributable to tax positions taken during the current year	5			3			—
Decrease attributable to settlements with taxing authorities	(2		)	(3		)	(1		)
Balance as of December 31	$	49		$	43		$	45

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Company's Cash Equivalents and Investments

The following table summarizes the ending balances of the Company's cash equivalents, restricted cash equivalents and investments.



	December 31, 2018								December 31, 2017
(In millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Money market funds and time deposits	$	701	$	—	$	—	$	701	$	634	$	—	$	—	$	634
Equity securities	44		—		—		44		—		—		—		—

Components of Debt

The Company's debt, including its available credit facilities, consists of the following ($ in millions):



Facility	Weighted Average Interest Rate as of December 31, 2018	Fixed or Floating Interest Rate	Maturity	December 31, 2018			December 31, 2017
Non-Vehicle Debt
Senior Term Loan	5.28%	Floating	6/2023	$	674		$	688
Senior RCF	N/A	Floating	6/2021	—			—
Senior Notes⁽¹⁾	6.13%	Fixed	10/2020-10/2024	2,500			2,500
Senior Second Priority Secured Notes	7.63%	Fixed	6/2022	1,250			1,250
Promissory Notes	7.00%	Fixed	1/2028	27			27
Other Non-Vehicle Debt	6.73%	Fixed	Various	4			11
Unamortized Debt Issuance Costs and Net (Discount) Premium				(33		)	(42		)
Total Non-Vehicle Debt				4,422			4,434
Vehicle Debt
HVF U.S. Vehicle Medium Term Notes
HVF Series 2010-1	N/A	N/A	N/A	—			39
HVF Series 2013-1	N/A	N/A	N/A	—			625
				—			664
HVF II U.S. ABS Program
HVF II U.S. Vehicle Variable Funding Notes
HVF II Series 2013-A⁽²⁾	3.92%	Floating	3/2020	2,940			1,970
HVF II Series 2013-B⁽²⁾	N/A	Floating	3/2020	—			123
				2,940			2,093
HVF II U.S. Vehicle Medium Term Notes
HVF II Series 2015-1⁽²⁾	2.93%	Fixed	3/2020	780			780
HVF II Series 2015-2⁽²⁾	N/A	N/A	N/A	—			265
HVF II Series 2015-3⁽²⁾	3.10%	Fixed	9/2020	371			371
HVF II Series 2016-1⁽²⁾	2.89%	Fixed	3/2019	466			466
HVF II Series 2016-2⁽²⁾	3.41%	Fixed	3/2021	595			595
HVF II Series 2016-3⁽²⁾	2.72%	Fixed	7/2019	424			424
HVF II Series 2016-4⁽²⁾	3.09%	Fixed	7/2021	424			424
HVF II Series 2017-1⁽²⁾	3.38%	Fixed	10/2020	450			450
HVF II Series 2017-2⁽²⁾	3.57%	Fixed	10/2022	350			350
HVF II Series 2018-1⁽²⁾	3.41%	Fixed	2/2023	1,000			—
HVF II Series 2018-2⁽²⁾	3.80%	Fixed	6/2021	200			—
HVF II Series 2018-3⁽²⁾	4.15%	Fixed	7/2023	200			—
				5,260			4,125
Donlen ABS Program
HFLF Variable Funding Notes
HFLF Series 2013-2⁽²⁾	3.39%	Floating	3/2020	320			380
				320			380



Facility	Weighted Average Interest Rate as of December 31, 2018	Fixed or Floating Interest Rate	Maturity	December 31, 2018			December 31, 2017
HFLF Medium Term Notes
HFLF Series 2015-1⁽³⁾	3.86%	Floating	1/2019-3/2019	33			145
HFLF Series 2016-1⁽³⁾	3.57%	Both	1/2019-2/2020	171			318
HFLF Series 2017-1⁽³⁾	2.79%	Both	1/2019-4/2021	397			500
HFLF Series 2018-1⁽³⁾	3.24%	Both	7/2019-6/2021	550			—
				1,151			963
Vehicle Debt - Other
U.S. Vehicle RCF	5.01%	Floating	6/2021	146			186
European Revolving Credit Facility	N/A	Floating	N/A	—			184
European Vehicle Notes⁽⁴⁾	5.07%	Fixed	10/2021-3/2023	829			773
European Securitization⁽²⁾	N/A	N/A	N/A	—			367
European ABS⁽²⁾	1.75%	Floating	10/2020	600			—
Canadian Securitization⁽²⁾	3.43%	Floating	3/2020	220			237
Australian Securitization⁽²⁾	3.63%	Floating	3/2020	155			155
New Zealand RCF	4.64%	Floating	3/2020	40			42
U.K. Financing Facility	3.08%	Floating	1/2019-9/2021	242			251
Other Vehicle Debt	3.99%	Floating	1/2019-10/2022	42			51
				2,274			2,246
Unamortized Debt Issuance Costs and Net (Discount) Premium				(43		)	(40		)
Total Vehicle Debt				11,902			10,431
Total Debt				$	16,324		$	14,865

N/A - Not applicable


(1)	References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth in the table below. Outstanding principal amounts for each such series of the Senior Notes is also specified below:



(In millions)	Outstanding Principal
Senior Notes	December 31, 2018		December 31, 2017
5.875% Senior Notes due October 2020	$	700	$	700
7.375% Senior Notes due January 2021	500		500
6.250% Senior Notes due October 2022	500		500
5.500% Senior Notes due October 2024	800		800
	$	2,500	$	2,500

(2)

(3)

(4)



(In millions)	Outstanding Principal
European Vehicle Notes	December 31, 2018		December 31, 2017
4.375% Senior Notes due January 2019	$	—	$	505
4.125% Senior Notes due October 2021	257		268
5.500% Senior Notes due March 2023	572		—
	$	829	$	773

Accordingly, the related principal amounts below are eliminated in consolidation as of December 31, 2018.



(In millions)	Aggregate Principal Amount
HVF II Series 2017-2 Class D Notes	$	20
HVF II Series 2018-1 Class D Notes	58
HVF II Series 2018-2 Class D Notes	13
HVF II Series 2018-3 Class D Notes	13
Total	$	104

The fair value of debt is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (Level 2 inputs).



	As of December 31, 2018				As of December 31, 2017
(In millions)	Nominal Unpaid Principal Balance		Aggregate Fair Value		Nominal Unpaid Principal Balance		Aggregate Fair Value
Non-Vehicle Debt	$	4,455	$	4,011	$	4,476	$	4,438
Vehicle Debt	11,945		11,891		10,471		10,456
Total	$	16,400	$	15,902	$	14,947	$	14,894

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2018

Accumulated Other Comprehensive Income [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in the accumulated other comprehensive income (loss) balance by component (net of tax) are as follows:



(In millions)	Pension and Other Post-Employment Benefits			Foreign Currency Items			Unrealized Losses on Terminated Net Investment Hedges			Accumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2018	$	(76	)	$	(23	)	$	(19	)	$	(118	)
Other comprehensive income (loss) before reclassification	(32		)	(34		)	—			(66		)
Amounts reclassified from accumulated other comprehensive income (loss)	4			(1		)	—			3
Reclassification of income tax effects to accumulated deficit resulting from the Tax Cuts and Job Act	(11		)	—			—			(11		)
Balance as of December 31, 2018	$	(115	)	$	(58	)	$	(19	)	$	(192	)



(In millions)	Pension and Other Post-Employment Benefits			Foreign Currency Items			Unrealized Losses on Terminated Net Investment Hedges			Realized/Unrealized Gains on Available for Sale Securities			Accumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2017	$	(110	)	$	(45	)	$	(19	)	$	3		$	(171	)
Other comprehensive income (loss) before reclassification	30			14			—			—			44
Amounts reclassified from accumulated other comprehensive income (loss)	4			8			—			(3		)	9
Balance as of December 31, 2017	$	(76	)	$	(23	)	$	(19	)	$	—		$	(118	)

Equity and Earnings (Loss) Per Share - Hertz Global (Tables)

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Computation of basic and diluted earnings (loss) per share

The following table sets forth the computation of basic and diluted earnings (loss) per share:



	Years Ended December 31,
(In millions, except per share data)	2018			2017		2016
Numerator:
Net income (loss) from continuing operations	$	(227	)	$	327	$	(474	)
Net (income) loss attributable to noncontrolling interests	2			—		—
Net income (loss) from continuing operations attributable to Hertz Global	(225		)	327		(474		)
Net income (loss) from discontinued operations	—			—		(17		)
Net income (loss) attributable to Hertz Global	$	(225	)	$	327	$	(491	)
Denominator:
Basic weighted average common shares	84			83		84
Dilutive stock options, RSUs and PSUs	—			—		—
Weighted average shares used to calculate diluted earnings (loss) per share	84			83		84
Antidilutive stock options, RSUs, PSUs and PSAs	1			3		1
Earnings (loss) per share:
Basic earnings (loss) per share from continuing operations attributable to Hertz Global	$	(2.68	)	$	3.94	$	(5.65	)
Basic earnings (loss) per share from discontinued operations	—			—		(0.20		)
Basic earnings (loss) per share	$	(2.68	)	$	3.94	$	(5.85	)

Diluted earnings (loss) per share from continuing operations attributable to Hertz Global	$	(2.68	)	$	3.94	$	(5.65	)
Diluted earnings (loss) per share from discontinued operations	—			—		(0.20		)
Diluted earnings (loss) per share	$	(2.68	)	$	3.94	$	(5.85	)

Segment Information (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Summary of contribution of reportable segments to revenues and adjusted pre-tax income and the reconciliation to consolidated amounts



	Years Ended December 31,
(In millions)	2018			2017			2016
Revenues
U.S. Rental Car	$	6,480		$	5,994		$	6,114
International Rental Car	2,276			2,169			2,097
All Other Operations	748			640			592
Total Hertz Global and Hertz	$	9,504		$	8,803		$	8,803
Depreciation of revenue earning vehicles and lease charges, net
U.S. Rental Car	$	1,678		$	1,904		$	1,753
International Rental Car	448			416			389
All Other Operations	564			478			459
Total Hertz Global and Hertz	$	2,690		$	2,798		$	2,601
Depreciation and amortization, non-vehicle assets
U.S. Rental Car	$	159		$	181		$	198
International Rental Car	32			33			33
All Other Operations	10			11			11
Corporate	17			15			23
Total Hertz Global and Hertz	$	218		$	240		$	265
Interest expense, net
U.S. Rental Car	$	144		$	132		$	154
International Rental Car	113			80			66
All Other Operations	27			19			14
Corporate	455			406			390
Total Hertz Global	739			637			624
Hertz interest income from loan to Hertz Global	(7		)	(5		)	(1		)
Total - Hertz	$	732		$	632		$	623
Adjusted Pre-tax Income (Loss)^(a)
U.S. Rental Car	$	262		$	13		$	298
International Rental Car	204			203			194
All Other Operations	94			80			72
Corporate	(579		)	(506		)	(499		)
Total Hertz Global	(19		)	(210		)	65
Corporate - Hertz	7			5			1
Total Hertz	$	(12	)	$	(205	)	$	66



	As of December 31,
(In millions)	2018		2017
Revenue earning vehicles, net
U.S. Rental Car	$	8,793	$	7,761
International Rental Car	2,146		2,153
All Other Operations	1,480		1,422
Total Hertz Global and Hertz	$	12,419	$	11,336
Property and equipment, net
U.S. Rental Car	$	564	$	602
International Rental Car	100		115
All Other Operations	9		11
Corporate	105		112
Total Hertz Global and Hertz	$	778	$	840
Total assets
U.S. Rental Car	$	13,983	$	12,785
International Rental Car	4,057		3,971
All Other Operations	1,843		1,700
Corporate	1,499		1,602
Total Hertz Global and Hertz	$	21,382	$	20,058



	Years Ended December 31,
(In millions)	2018			2017			2016
Revenue earning vehicles and capital assets, non-vehicle
U.S. Rental Car:
Expenditures	$	(8,597	)	$	(6,837	)	$	(7,376	)
Proceeds from disposals	5,570			4,882			6,010
Net expenditures - Hertz Global and Hertz	$	(3,027	)	$	(1,955	)	$	(1,366	)
International Rental Car:
Expenditures	$	(3,191	)	$	(3,144	)	$	(2,868	)
Proceeds from disposals	2,755			2,606			2,504
Net expenditures - Hertz Global and Hertz	$	(436	)	$	(538	)	$	(364	)
All Other Operations:
Expenditures	$	(807	)	$	(735	)	$	(729	)
Proceeds from disposals	176			182			209
Net expenditures - Hertz Global and Hertz	$	(631	)	$	(553	)	$	(520	)
Corporate:
Expenditures	$	(75	)	$	(53	)	$	(33	)
Proceeds from disposals	2			4			15
Net expenditures - Hertz Global and Hertz	$	(73	)	$	(49	)	$	(18	)

The operations within major geographic areas for each of Hertz Global and Hertz are summarized below:



	Years Ended December 31,
(In millions)	2018		2017		2016
Revenues
United States	$	7,211	$	6,620	$	6,690
International	2,293		2,183		2,113
Total Hertz Global and Hertz	$	9,504	$	8,803	$	8,803



	As of December 31,
(In millions)	2018		2017
Revenue earning vehicles, net
United States	$	10,235	$	9,149
International	2,184		2,187
Total Hertz Global and Hertz	$	12,419	$	11,336
Property and equipment, net
United States	$	678	$	725
International	100		115
Total Hertz Global and Hertz	$	778	$	840
Total assets
United States	$	17,144	$	15,912
International	4,238		4,146
Total Hertz Global and Hertz	$	21,382	$	20,058

(a)

Reconciliations of Adjusted Pre-tax Income (Loss) by segment to consolidated amounts are summarized below.

Hertz Global



	Years Ended December 31,
(In millions)	2018			2017			2016
Adjusted Pre-tax Income (Loss):
U.S. Rental Car	$	262		$	13		$	298
International Rental Car	204			203			194
All Other Operations	94			80			72
Total reportable segments	560			296			564
Corporate⁽¹⁾	(579		)	(506		)	(499		)
Adjusted Pre-tax Income (Loss)	(19		)	(210		)	65
Adjustments:
Acquisition accounting⁽²⁾	(62		)	(62		)	(65		)
Debt-related charges⁽³⁾	(50		)	(47		)	(48		)
Loss on extinguishment of debt⁽⁴⁾	(22		)	(13		)	(55		)
Restructuring and restructuring related charges⁽⁵⁾	(32		)	(22		)	(53		)
Sale of CAR Inc. common stock⁽⁶⁾	—			3			84
Impairment charges and asset write-downs⁽⁷⁾	—			(118		)	(340		)
Information technology and finance transformation costs⁽⁸⁾	(98		)	(68		)	(53		)
Other⁽⁹⁾	26			(38		)	(5		)
Income (loss) from continuing operations before income taxes	$	(257	)	$	(575	)	$	(470	)

Hertz



	Years Ended December 31,
(In millions)	2018			2017			2016
Adjusted Pre-tax Income (Loss):
U.S. Rental Car	$	262		$	13		$	298
International Rental Car	204			203			194
All Other Operations	94			80			72
Total reportable segments	560			296			564
Corporate⁽¹⁾	(572		)	(501		)	(498		)
Adjusted Pre-tax Income (Loss)	(12		)	(205		)	66
Adjustments:
Acquisition accounting⁽²⁾	(62		)	(62		)	(65		)
Debt-related charges⁽³⁾	(50		)	(47		)	(48		)
Loss on extinguishment of debt⁽⁴⁾	(22		)	(13		)	(55		)
Restructuring and restructuring related charges⁽⁵⁾	(32		)	(22		)	(53		)
Sale of CAR Inc. common stock⁽⁶⁾	—			3			84
Impairment charges and asset write-downs⁽⁷⁾	—			(118		)	(340		)
Information technology and finance transformation costs⁽⁸⁾	(98		)	(68		)	(53		)
Other⁽⁹⁾	26			(38		)	(5		)
Income (loss) from continuing operations before income taxes	$	(250	)	$	(570	)	$	(469	)


(1)	Represents general corporate expenses, non-vehicle interest expense, as well as other business activities.


(2)	Represents incremental expense associated with amortization of other intangible assets and depreciation of property and equipment relating to acquisition accounting.


(3)	Represents debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums.

(4)

(5)


(6)	Represents the pre-tax gain on the sale of CAR Inc. common stock.

(7)


(8)	Represents costs associated with the Company's information technology and finance transformation programs, both of which are multi-year initiatives to upgrade and modernize the Company's systems and processes.

(9)

Guarantor and Non-Guarantor Annual Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2018

Guarantor and Non-Guarantor Condensed Consolidating Financial Statements Disclosure [Abstract]

Condensed Balance Sheet

THE HERTZ CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2017

(In millions)



	Parent (The Hertz Corporation)		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			The Hertz Corporation & Subsidiaries
ASSETS
Cash and cash equivalents	$	686	$	9	$	377	$	—		$	1,072
Restricted cash and cash equivalents	225		7		200		—			432
Total cash, cash equivalents, restricted cash and restricted cash equivalents	911		16		577		—			1,504
Receivables, net of allowance	366		167		832		—			1,365
Due from affiliates	3,373		4,567		8,794		(16,734		)	—
Prepaid expenses and other assets	3,747		37		302		(3,399		)	687
Revenue earning vehicles, net	352		2		10,982		—			11,336
Property and equipment, net	639		61		140		—			840
Investment in subsidiaries, net	7,966		1,265		—		(9,231		)	—
Intangible assets, net	141		3,091		10		—			3,242
Goodwill	102		944		38		—			1,084
Total assets	$	17,597	$	10,150	$	21,675	$	(29,364	)	$	20,058
LIABILITIES AND STOCKHOLDER'S EQUITY
Due to affiliates	$	10,368	$	2,156	$	4,210	$	(16,734	)	$	—
Accounts payable	375		92		479		—			946
Accrued liabilities	473		73		374		—			920
Accrued taxes, net	77		21		2,235		(2,173		)	160
Debt	4,619		—		10,246		—			14,865
Public liability and property damage	165		37		225		—			427
Deferred income taxes, net	—		1,451		995		(1,226		)	1,220
Total liabilities	16,077		3,830		18,764		(20,133		)	18,538
Stockholder's equity:
Total stockholder's equity	1,520		6,320		2,911		(9,231		)	1,520
Total liabilities and stockholder's equity	$	17,597	$	10,150	$	21,675	$	(29,364	)	$	20,058

Condensed Income Statement

For the Year Ended December 31, 2017

(In millions)



	Parent (The Hertz Corporation)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Total revenues	$	4,361		$	1,381		$	6,442		$	(3,381	)	$	8,803
Expenses:
Direct vehicle and operating	2,937			698			1,323			—			4,958
Depreciation of revenue earning vehicles and lease charges, net	3,157			413			2,609			(3,381		)	2,798
Selling, general and administrative	612			37			231			—			880
Interest (income) expense, net	400			(105		)	337			—			632
Goodwill and intangible asset impairments	—			86			—			—			86
Other (income) expense, net	30			—			(11		)	—			19
Total expenses	7,136			1,129			4,489			(3,381		)	9,373
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries	(2,775		)	252			1,953			—			(570		)
Income tax (provision) benefit	(925		)	311			1,516			—			902
Equity in earnings (losses) of subsidiaries, net of tax	4,032			629			—			(4,661		)	—
Net income (loss)	332			1,192			3,469			(4,661		)	332
Total other comprehensive income (loss), net of tax	53			6			22			(28		)	53
Comprehensive income (loss)	$	385		$	1,198		$	3,491		$	(4,689	)	$	385

THE HERTZ CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Year Ended December 31, 2016

(In millions)



	Parent (The Hertz Corporation)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Total revenues	$	4,604		$	1,483		$	6,022		$	(3,306	)	$	8,803
Expenses:
Direct vehicle and operating	2,909			761			1,263			(1		)	4,932
Depreciation of revenue earning vehicles and lease charges, net	2,766			685			2,453			(3,303		)	2,601
Selling, general and administrative	602			51			248			(2		)	899
Interest (income) expense, net	407			(58		)	274			—			623
Goodwill and intangible asset impairments	—			120			172			—			292
Other (income) expense, net	6			(10		)	(71		)	—			(75		)
Total expenses	6,690			1,549			4,339			(3,306		)	9,272
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries	(2,086		)	(66		)	1,683			—			(469		)
Income tax (provision) benefit	682			(26		)	(660		)	—			(4		)
Equity in earnings (losses) of subsidiaries, net of tax	916			266			—			(1,182		)	—
Net income (loss) from continuing operations	(488		)	174			1,023			(1,182		)	(473		)
Net income (loss) from discontinued operations	—			(5		)	(10		)	—			(15		)
Net income (loss)	(488		)	169			1,013			(1,182		)	(488		)
Total other comprehensive income (loss), net of tax	(29		)	7			(47		)	40			(29		)
Comprehensive income (loss)	$	(517	)	$	176		$	966		$	(1,142	)	$	(517	)

Condensed Cash Flow Statement

THE HERTZ CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2017

(In millions)



	Parent (The Hertz Corporation)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Net cash provided by (used in) operating activities	$	246		$	28		$	3,501		$	(1,376	)	$	2,399
Cash flows from investing activities:
Revenue earning vehicles expenditures	(314		)	(5		)	(10,277		)	—			(10,596		)
Proceeds from disposal of revenue earning vehicles	213			—			7,440			—			7,653
Capital asset expenditures, non-vehicle	(122		)	(11		)	(40		)	—			(173		)
Proceeds from disposal of property and other equipment	7			—			14			—			21
Proceeds from sale of Brazil Operations, net of retained cash	—			—			94			—			94
Sales of marketable securities	—			—			9			—			9
Sales of shares in equity investment, net of amounts invested	7			—			—			—			7
Acquisitions, net of cash acquired	—			(10		)	(5		)	—			(15		)
Capital contributions to subsidiaries	(2,979		)	—			—			2,979			—
Return of capital from subsidiaries	2,861			—			—			(2,861		)	—
Loan to Parent/Guarantor from Non-Guarantor	—			—			19			(19		)	—
Net cash provided by (used in) investing activities	(327		)	(26		)	(2,746		)	99			(3,000		)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	1,789			—			8,967			—			10,756
Repayments of vehicle debt	(1,796		)	—			(8,448		)	—			(10,244		)
Proceeds from issuance of non-vehicle debt	2,100			—			—			—			2,100
Repayments of non-vehicle debt	(1,560		)	—			—			—			(1,560		)
Payment of financing costs	(23		)	(4		)	(32		)	—			(59		)
Early redemption premium payment	(5		)	—			—			—			(5		)
Advances to Hertz Holdings	(6		)	—			—			—			(6		)
Other	1			—			—			—			1
Capital contributions received from parent	—			—			2,979			(2,979		)	—
Payment of dividends and return of capital	—			—			(4,237		)	4,237			—
Loan to Parent/Guarantor from Non-Guarantor	(19		)	—			—			19			—
Net cash provided by (used in) financing activities	481			(4		)	(771		)	1,277			983
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	—			—			28			—			28
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	400			(2		)	12			—			410
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	511			18			565			—			1,094
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	911		$	16		$	577		$	—		$	1,504

THE HERTZ CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2016

(In millions)



	Parent (The Hertz Corporation)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Net cash provided by (used in) operating activities from continuing operations	$	(1,892	)	$	85		$	5,151		$	(814	)	$	2,530
Cash flows from investing activities:
Revenue earning vehicles expenditures	(342		)	(69		)	(10,461		)	—			(10,872		)
Proceeds from disposal of revenue earning vehicles	417			—			8,262			—			8,679
Capital asset expenditures, non-vehicle	(80		)	(16		)	(38		)	—			(134		)
Proceeds from disposal of property and other equipment	35			1			23			—			59
Sales of marketable securities	—			—			267			—			267
Sales of shares in equity investment, net of amounts invested	(45		)	—			—			—			(45		)
Acquisitions, net of cash acquired	—			—			(2		)	—			(2		)
Capital contributions to subsidiaries	(2,368		)	—			—			2,368			—
Return of capital from subsidiaries	3,585			—			—			(3,585		)	—
Loan to Parent/Guarantor from Non-Guarantor	—			—			(1,055		)	1,055			—
Net cash provided by (used in) investing activities from continuing operations	1,202			(84		)	(3,004		)	(162		)	(2,048		)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	716			—			8,976			—			9,692
Repayments of vehicle debt	(707		)	—			(9,041		)	—			(9,748		)
Proceeds from issuance of non-vehicle debt	2,592			—			—			—			2,592
Repayments of non-vehicle debt	(4,651		)	—			—			—			(4,651		)
Payment of financing costs	(46		)	(3		)	(26		)	—			(75		)
Early redemption premium payment	(27		)	—			—			—			(27		)
Transfers from discontinued entities	2,122			—			—			—			2,122
Advances to Hertz Holdings	(102		)	—			—			—			(102		)
Other	13			—			—			—			13
Capital contributions received from parent	—			—			2,368			(2,368		)	—
Payment of dividends and return of capital	—			—			(4,399		)	4,399			—
Loan to Parent/Guarantor from Non-Guarantor	1,055			—			—			(1,055		)	—
Net cash provided by (used in) financing activities from continuing operations	965			(3		)	(2,122		)	976			(184		)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	—			—			(11		)	—			(11		)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	275			(2		)	14			—			287
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	236			20			551			—			807
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	511		$	18		$	565		$	—		$	1,094

Cash flows from discontinued operations:
Cash flows provided by (used in) operating activities	$	—		$	59		$	148		$	—		$	207
Cash flows provided by (used in) investing activities	—			(75		)	(2		)	—			(77		)
Cash flows provided by (used in) financing activities	—			44			(138		)	—			(94		)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period from discontinued operations	$	—		$	28		$	8		$	—		$	36

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Operating Results

Hertz Global



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
(In millions, except per share data)	2018			2018			2018		2018
Total revenues	$	2,063		$	2,389		$	2,758	$	2,294
Income (loss) from continuing operations before income taxes	(231		)	(86		)	181		(120		)
Net income (loss) attributable to Hertz Global	(202		)	(63		)	141		(101		)
Earnings (loss) per share:
Basic	(2.43		)	(0.75		)	1.68		(1.20		)
Diluted	(2.43		)	(0.75		)	1.68		(1.20		)



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
(In millions, except per share data)	2017			2017			2017		2017
Total revenues	$	1,916		$	2,224		$	2,572	$	2,091
Income (loss) from continuing operations before income taxes	(294		)	(245		)	143		(179		)
Net income (loss) attributable to Hertz Global	(223		)	(158		)	93		616
Earnings (loss) per share:
Basic	(2.69		)	(1.90		)	1.12		7.42
Diluted	(2.69		)	(1.90		)	1.12		7.42

Hertz



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
(In millions)	2018			2018			2018		2018
Total revenues	$	2,063		$	2,389		$	2,758	$	2,294
Income (loss) from continuing operations before income taxes	(230		)	(84		)	183		(118		)
Net income (loss) attributable to Hertz	(201		)	(61		)	142		(99		)



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
(In millions)	2017			2017			2017		2017
Total revenues	$	1,916		$	2,224		$	2,572	$	2,091
Income (loss) from continuing operations before income taxes	(293		)	(244		)	144		(178		)
Net income (loss) attributable to Hertz	(222		)	(158		)	94		619

Background (Details)	12 Months Ended
Background (Details)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Hertz Global Holdings
Class of Stock [Line Items]
Stock split, conversion ratio	0.2	0.2	0.2

Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Maturity period for highly liquid investments to be classified as cash and cash equivalents		3 months
Advertising expense		$ 238	$ 191	$ 159
Tax Cuts and Jobs Act of 2017 change in tax rate, income tax (expense) benefit	$ 679
Income tax (provision) benefit		(30)	(902)	4
Revenue earning vehicles expenditures		12,493	10,596	10,872
Cash and cash equivalents, period increase	432	283	432
Subrogation receivables	64	$ 84	64
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-lived assets useful life		1 year
Finite-lived intangible assets, useful life		2 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-lived assets useful life		50 years
Finite-lived intangible assets, useful life		20 years
The Hertz Corporation
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income tax (provision) benefit		$ (28)	(902)	4
Revenue earning vehicles expenditures		12,493		$ 10,872
Cash and cash equivalents, period increase	$ 432	283	$ 432
Accumulated Other Comprehensive Income (Loss)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax Cuts and Jobs Act of 2017, Income Tax Effects Allocated Directly to Equity		11
Accumulated Other Comprehensive Income (Loss) \| The Hertz Corporation
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax Cuts and Jobs Act of 2017, Income Tax Effects Allocated Directly to Equity		11
Accounting Standards Update 2016-02 \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-Use asset		1,200
Lease liability		1,200
Accounting Standards Update 2016-02 \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-Use asset		1,600
Lease liability		$ 1,600

Significant Accounting Policies (Share-Based Compensation) (Details) - Performance Stock Units and Performance Stock Awards	12 Months Ended
	Dec. 31, 2018
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period	2 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period	4 years

Significant Accounting Policies (Property and Equipment, Including Useful Lives) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Land, buildings and leasehold improvements	$ 1,220	$ 1,233
Service vehicles, equipment and furniture and fixtures	782	763
Less: accumulated depreciation	1,224	1,156
Total property and equipment, net	778	840
Depreciation	$ 129	$ 143	$ 167
Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year
Finite-lived intangible assets, useful life	2 years
Maximum
Property, Plant and Equipment [Line Items]
Useful life	50 years
Finite-lived intangible assets, useful life	20 years
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	50 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Service cars and service equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year
Service cars and service equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	25 years

(Recent Issued Accounting Pronouncements) (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Jan. 01, 2018

Dec. 31, 2015

$ 1,304

$ 920

$ 1,304

$ 920

1,092

1,220

1,092

1,220

^[1]

20,262

18,538

20,262

18,538

(909)

(506)

(909)

(506)

1,120

1,520

1,120

1,520

$ 1,075

$ 2,019

Income Statement Related Disclosures [Abstract]

21,382

20,058

21,382

20,058

8,756

8,163

8,211

Income (loss) from continuing operations before income taxes

1,017

880

899

(120)

$ 181

$ (86)

$ (231)

(179)

$ 143

$ (245)

$ (294)

(257)

(575)

(470)

902

(4)

Net (income) loss attributable to noncontrolling interests

$ (101)

$ 141

$ (63)

$ (202)

$ 616

$ 93

$ (158)

$ (223)

(227)

327

(491)

Basic earnings (loss) per share (in dollars per share)

$ (225)

$ 327

$ (491)

$ (1.20)

$ 1.68

$ (0.75)

$ (2.43)

$ 7.42

$ 1.12

$ (1.90)

$ (2.69)

$ (2.68)

$ 3.94

$ (5.85)

Diluted earnings (loss) per share (in dollars per share)

$ (1.20)

$ 1.68

$ (0.75)

$ (2.43)

$ 7.42

$ 1.12

$ (1.90)

$ (2.69)

$ (2.68)

$ 3.94

$ (5.85)

$ (66)

Net increase (decrease) in cash and cash equivalents during the period from continuing operations

$ (86)

$ (40)

(94)

410

287

Net Cash Provided by (Used in) Investing Activities

(3,000)

(2,048)

Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations

(14)

(11)

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period

$ 1,504

$ 1,094

1,504

1,094

807

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period

$ 1,410

$ 1,504

1,410

1,504

1,094

Accounting Standards Update 2014-09

$ 1,160

1,169

18,727

(695)

1,331

20,058

1,304

920

1,304

920

1,094

1,220

1,094

1,220

^[2]

20,264

18,538

20,264

18,538

(1,884)

(1,486)

(1,884)

(1,486)

1,118

1,520

1,118

1,520

1,075

$ 1,948

Income Statement Related Disclosures [Abstract]

21,382

20,058

21,382

20,058

8,756

8,163

8,211

Income (loss) from continuing operations before income taxes

1,017

880

899

(118)

$ 183

$ (84)

(230)

(178)

$ 144

$ (244)

(293)

(250)

(570)

(469)

902

(4)

Net (income) loss attributable to noncontrolling interests

(99)

$ 142

$ (61)

(201)

619

$ 94

$ (158)

(222)

332

(488)

(220)

332

(488)

(64)

Net increase (decrease) in cash and cash equivalents during the period from continuing operations

(86)

(40)

(94)

410

287

Net Cash Provided by (Used in) Investing Activities

(3,000)

(2,048)

Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations

(14)

(11)

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period

1,504

1,094

1,504

1,094

807

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period

1,410

1,504

1,410

1,504

1,094

The Hertz Corporation | Accounting Standards Update 2014-09

1,160

1,169

18,727

(1,675)

1,331

Calculated under Revenue Guidance in Effect before Topic 606

20,058

1,060

1,146

20,072

(719)

Income Statement Related Disclosures [Abstract]

1,310

8,762

Income (loss) from continuing operations before income taxes

1,019

(253)

Net (income) loss attributable to noncontrolling interests

(226)

Basic earnings (loss) per share (in dollars per share)

$ (224)

$ (2.67)

Diluted earnings (loss) per share (in dollars per share)

$ (2.67)

$ (63)

Calculated under Revenue Guidance in Effect before Topic 606 | Accounting Standards Update 2014-09

920

1,220

18,538

(506)

1,520

20,058

Net Cash Provided by (Used in) Investing Activities

(3,147)

(1,996)

Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations

(8)

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period

1,072

816

1,072

816

474

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period

1,072

816

Calculated under Revenue Guidance in Effect before Topic 606 | The Hertz Corporation

1,060

1,148

20,074

(1,694)

Income Statement Related Disclosures [Abstract]

1,308

8,762

Income (loss) from continuing operations before income taxes

1,019

(246)

Net (income) loss attributable to noncontrolling interests

(221)

(219)

(61)

Calculated under Revenue Guidance in Effect before Topic 606 | The Hertz Corporation | Accounting Standards Update 2014-09

920

1,220

18,538

(1,486)

1,520

20,058

Net Cash Provided by (Used in) Investing Activities

(3,147)

(1,996)

Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations

(8)

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period

1,072

816

1,072

816

474

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period

1,072

816

Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09

244

240

(54)

(51)

190

189

(190)

(189)

(190)

(189)

Income Statement Related Disclosures [Abstract]

(6)

Income (loss) from continuing operations before income taxes

(2)

(4)

Net (income) loss attributable to noncontrolling interests

(1)

Basic earnings (loss) per share (in dollars per share)

$ (1)

$ (0.01)

Diluted earnings (loss) per share (in dollars per share)

$ (0.01)

$ (3)

Net Cash Provided by (Used in) Investing Activities

147

(52)

Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations

(3)

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period

432

278

432

278

333

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period

432

278

Difference between Revenue Guidance in Effect before and after Topic 606 | The Hertz Corporation | Accounting Standards Update 2014-09

244

240

(54)

(51)

190

189

(190)

(189)

$ (190)

(190)

(189)

Income Statement Related Disclosures [Abstract]

$ 0

(6)

Income (loss) from continuing operations before income taxes

(2)

(4)

Net (income) loss attributable to noncontrolling interests

(1)

(1)

(3)

Net Cash Provided by (Used in) Investing Activities

147

(52)

Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations

(3)

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period

$ 432

$ 278

$ 432

278

333

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period

$ 432

432

278

Net increase (decrease) in cash and cash equivalents during the period from continuing operations

Vehicles | The Hertz Corporation

Net increase (decrease) in cash and cash equivalents during the period from continuing operations

Vehicles | Calculated under Revenue Guidance in Effect before Topic 606 | Accounting Standards Update 2014-09

Net increase (decrease) in cash and cash equivalents during the period from continuing operations

(147)

Vehicles | Calculated under Revenue Guidance in Effect before Topic 606 | The Hertz Corporation | Accounting Standards Update 2014-09

Net increase (decrease) in cash and cash equivalents during the period from continuing operations

(147)

Vehicles | Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09

Net increase (decrease) in cash and cash equivalents during the period from continuing operations

147

(53)

Vehicles | Difference between Revenue Guidance in Effect before and after Topic 606 | The Hertz Corporation | Accounting Standards Update 2014-09

Net increase (decrease) in cash and cash equivalents during the period from continuing operations

$ 147

(53)

Non-Vehicle Related Service

Net increase (decrease) in cash and cash equivalents during the period from continuing operations

Net increase (decrease) in cash and cash equivalents during the period from continuing operations

Net increase (decrease) in cash and cash equivalents during the period from continuing operations

(1)

Net increase (decrease) in cash and cash equivalents during the period from continuing operations

(1)

Net increase (decrease) in cash and cash equivalents during the period from continuing operations

Net increase (decrease) in cash and cash equivalents during the period from continuing operations

$ 1

[1]

[2]

Discontinued Operations (Results of Discontinued Operations) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Intellectual property agreement, right of use royalty free, period	4 years
Net income (loss) from discontinued operations	$ 0	$ 0	$ (17)
The Hertz Corporation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income (loss) from discontinued operations	$ 0	$ 0	(15)
Discontinued Operations \| Old Hertz Holdings' Worldwide Equipment Rental
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues			677
Direct operating expenses			366
Depreciation of revenue earning equipment and lease charges, net			181
Selling, general and administrative			123
Interest expense, net			17
Other (income) expense, net			(1)
Income (loss) from discontinued operations before income taxes			(9)
(Provision) benefit for taxes on discontinued operations			(8)
Net income (loss) from discontinued operations			(17)
Discontinued Operations \| Old Hertz Holdings' Worldwide Equipment Rental \| Senior ABL Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest expense, net			5
Discontinued Operations \| The Hertz Corporation \| Old Hertz Holdings' Worldwide Equipment Rental
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues			677
Direct operating expenses			366
Depreciation of revenue earning equipment and lease charges, net			181
Selling, general and administrative			124
Interest expense, net			13
Other (income) expense, net			(1)
Income (loss) from discontinued operations before income taxes			(6)
(Provision) benefit for taxes on discontinued operations			(9)
Net income (loss) from discontinued operations			$ (15)

Divestitures (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	Sep. 30, 2017	Apr. 30, 2016	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Realized gain (loss) on disposal					$ 4
Impairment charges and asset write-downs				$ 0	116	$ 340
Other income (expense), net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment, fair value adjustment					26
Equipment \| Direct vehicle and operating
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges and asset write-downs					$ 25
Brazil Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration receivable from sale							$ 115
Consideration receivable from sale, amounts to be placed in escrow							$ 13
Referral and brand cooperation agreement, initial term				20 years
Referral and brand cooperation agreement, optional extension term				20 years
Brazil Operations \| Held-for-sale \| Equipment \| Direct vehicle and operating
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges and asset write-downs						18
Fair Value, Measurements, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Realized gain (loss) on disposal	$ 4
Payments to acquire equity method investments		$ 45
Other than temporary impairment			$ 30
Cumulative equity losses and amortization			11
Equity method investments			$ 4
Fair Value, Measurements, Nonrecurring \| Brazil Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of long-lived assets held-for-use				$ (6)
CAR, Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales proceeds						$ 274
CAR, Inc \| Common Stock Shares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of shares issued in transaction						236
Net sales proceeds						$ 267
Deferred gain on sale						7
CAR, Inc \| Common Stock Shares \| Other income (expense), net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Realized gain (loss) on disposal						$ 84

Revenue Earning Vehicles (Components of Revenue Earning Vehicles) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Revenue earning vehicles	$ 15,242	$ 14,209
Less: Accumulated depreciation	(3,134)	(3,123)
Property Subject to or Available for Operating Lease, Excluding Assets Held for Sale	12,108	11,086
Revenue earning vehicles intended for sale, net of depreciation	311	250
Total revenue earning vehicles, net	12,419	11,336
Depreciation of revenue earning vehicles	2,457	2,486	$ 2,359
(Gain) loss on disposal of revenue earning equipment	142	236	172
Rents paid for vehicles leased	91	76	70
Depreciation of revenue earning vehicles and lease charges, net	2,690	2,798	2,601
U.S. Car Rental
Property, Plant and Equipment [Line Items]
(Gain) loss on disposal of revenue earning equipment	145	234	177
Costs of sales from US Vehicle Operations	(148)	(132)	(109)
International Car Rental
Property, Plant and Equipment [Line Items]
(Gain) loss on disposal of revenue earning equipment	$ (3)	$ 2	$ (5)

Revenue Earning Vehicles (Schedule of Deprecation Rate Changes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue earning equipment
Net increase (decrease) in depreciation expense	$ (59)	$ 87	$ 145
U.S. Car Rental
Revenue earning equipment
Net increase (decrease) in depreciation expense	(60)	77	141
International Car Rental
Revenue earning equipment
Net increase (decrease) in depreciation expense	$ 1	$ 10	$ 4

Goodwill and Intangible Assets (Summary of changes in goodwill, by segment) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018
Goodwill
Balance at the beginning of the period, Goodwill	$ 1,302	$ 1,299
Accumulated impairment losses at the beginning of the period	(218)	(218)
Net goodwill, balance at the beginning of the period	1,084	1,081
Goodwill acquired and other changes during the period	1	(3)
Total	(1)	3
Balance at the end of the period, Goodwill	1,301	1,302
Accumulated impairment losses at the end of the period	(218)	(218)
Net goodwill, balance at the end of the period	1,084	1,081	$ 1,083
U.S. Car Rental
Goodwill
Balance at the beginning of the period, Goodwill	1,029	1,028
Accumulated impairment losses at the beginning of the period	0	0
Net goodwill, balance at the beginning of the period	1,029	1,028
Goodwill acquired and other changes during the period	0	(1)
Total	0	1
Balance at the end of the period, Goodwill	1,029	1,029
Accumulated impairment losses at the end of the period	0	0
Net goodwill, balance at the end of the period	1,029	1,028	1,029
International Car Rental
Goodwill
Balance at the beginning of the period, Goodwill	237	237
Accumulated impairment losses at the beginning of the period	(218)	(218)
Net goodwill, balance at the beginning of the period	19	19
Goodwill acquired and other changes during the period	1	0
Total	(1)	0
Balance at the end of the period, Goodwill	236	237
Accumulated impairment losses at the end of the period	(218)	(218)
Net goodwill, balance at the end of the period	19	19	18
All Other Operations
Goodwill
Balance at the beginning of the period, Goodwill	36	34
Accumulated impairment losses at the beginning of the period	0	0
Net goodwill, balance at the beginning of the period	36	34
Goodwill acquired and other changes during the period	0	(2)
Total	0	2
Balance at the end of the period, Goodwill	36	36
Accumulated impairment losses at the end of the period	0	0
Net goodwill, balance at the end of the period	$ 36	$ 34	$ 36

(Schedule of components of other intangible assets by major classes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of other intangible assets
Amortization of intangible assets	$ 89	$ 97	$ 98
Amortizable intangible assets:
Gross Carrying Amount	1,240	1,205
Accumulated Amortization	(876)	(802)
Net Carrying Value	364	403
Indefinite-lived intangible assets:
Carrying Amount	2,839	2,839
Total Other intangible assets
Gross Carrying Amount	4,079	4,044
Accumulated Amortization	(876)	(802)
Net Carrying Value	3,203	3,242
Trade name
Disclosure of other intangible assets
Impairment of indefinite-lived intangible assets			$ 120
Indefinite-lived intangible assets:
Carrying Amount	2,814	2,814
Other indefinite-lived intangible assets
Indefinite-lived intangible assets:
Carrying Amount	25	25
Customer-related
Amortizable intangible assets:
Gross Carrying Amount	333	333
Accumulated Amortization	(309)	(301)
Net Carrying Value	24	32
Total Other intangible assets
Accumulated Amortization	(309)	(301)
Concession rights
Amortizable intangible assets:
Gross Carrying Amount	413	413
Accumulated Amortization	(279)	(233)
Net Carrying Value	134	180
Total Other intangible assets
Accumulated Amortization	(279)	(233)
Technology-based intangibles
Amortizable intangible assets:
Gross Carrying Amount	412	377
Accumulated Amortization	(219)	(204)
Net Carrying Value	193	173
Total Other intangible assets
Accumulated Amortization	(219)	(204)
Other intangible assets
Amortizable intangible assets:
Gross Carrying Amount	82	82
Accumulated Amortization	(69)	(64)
Net Carrying Value	13	18
Total Other intangible assets
Accumulated Amortization	$ (69)	(64)
U.S. Car Rental \| Trade name
Disclosure of other intangible assets
Impairment of indefinite-lived intangible assets		$ 86

Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment losses during the period	$ 172
Amortization of other intangible assets		$ 89	$ 97	$ 98
Amortization Expense, Fiscal Year Maturity [Abstract]
Expected amortization expense in 2019		83
Expected amortization expense in 2020		86
Expected amortization expense in 2021		75
Expected amortization expense in 2022		30
Expected amortization expense in 2023		27
Expected amortization expense thereafter		$ 63

Debt (Schedule of Debt) (Details) $ in Millions	1 Months Ended
Debt (Schedule of Debt) (Details) $ in Millions	Dec. 31, 2017 USD ($)	Jun. 30, 2017 USD ($)	Dec. 31, 2018 USD ($)	Jun. 30, 2016 USD ($)	Feb. 24, 2016 USD ($)	Sep. 30, 2015 CAD ($)	Jun. 30, 2015 USD ($)
Debt Instrument [Line Items]
Outstanding principal	$ 2,500,000,000		$ 2,500,000,000
Total debt	14,865,000,000		$ 16,324,000,000
Us Fleet Medium Term Notes 2017 Series 2
Debt Instrument [Line Items]
Average interest rate (as a percent)			3.57%
Outstanding principal	350,000,000		$ 350,000,000
Us Fleet Medium Term Notes 2018 Series 1
Debt Instrument [Line Items]
Average interest rate (as a percent)			3.41%
Outstanding principal	0		$ 1,000,000,000
Us Fleet Medium Term Notes 2018 Series 2
Debt Instrument [Line Items]
Average interest rate (as a percent)			3.80%
Outstanding principal	0		$ 200,000,000
Us Fleet Medium Term Notes 2018 Series 3
Debt Instrument [Line Items]
Average interest rate (as a percent)			4.15%
Outstanding principal	0		$ 200,000,000
Senior Loans
Debt Instrument [Line Items]
Average interest rate (as a percent)			5.28%
Outstanding principal	688,000,000		$ 674,000,000	$ 700,000,000
Senior credit facility
Debt Instrument [Line Items]
Outstanding principal	0		0
Corporate Debt
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs and Net (Discount) Premium	42,000,000		33,000,000
Total debt	4,434,000,000		$ 4,422,000,000
Senior Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)			6.13%
Outstanding principal	2,500,000,000		$ 2,500,000,000
Senior Second Priority Secured Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)			7.63%
Outstanding principal	1,250,000,000		$ 1,250,000,000
Promissory Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)			7.00%
Outstanding principal	27,000,000		$ 27,000,000
Other Corporate Debt
Debt Instrument [Line Items]
Average interest rate (as a percent)			6.73%
Outstanding principal	11,000,000		$ 4,000,000
Fleet Debt
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs and Net (Discount) Premium	(40,000,000)		43,000,000
Total debt	10,431,000,000		11,902,000,000
U.S. Fleet Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	664,000,000		0
HVF Series 2010-1
Debt Instrument [Line Items]
Outstanding principal	39,000,000		0
HVF Series 2013-1
Debt Instrument [Line Items]
Outstanding principal	625,000,000		0
HVF II U.S. ABS Program
Debt Instrument [Line Items]
Outstanding principal	2,093,000,000		$ 2,940,000,000
HVF II Series 2013-A, Class A
Debt Instrument [Line Items]
Average interest rate (as a percent)			3.92%
Outstanding principal	1,970,000,000		$ 2,940,000,000
HVF II Series 2013-B, Class A
Debt Instrument [Line Items]
Outstanding principal	123,000,000		0
HVF II Us Fleet Variable Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	4,125,000,000		$ 5,260,000,000
HVF II Series 2015-1
Debt Instrument [Line Items]
Average interest rate (as a percent)			2.93%
Outstanding principal	780,000,000		$ 780,000,000
HVF II Series 2015-2
Debt Instrument [Line Items]
Outstanding principal	265,000,000		$ 0
HVF II Series 2015-3
Debt Instrument [Line Items]
Average interest rate (as a percent)			3.10%
Outstanding principal	371,000,000		$ 371,000,000
HVF II Series 2016-1
Debt Instrument [Line Items]
Average interest rate (as a percent)			2.89%
Outstanding principal	466,000,000		$ 466,000,000
HVF II Series 2016-2
Debt Instrument [Line Items]
Average interest rate (as a percent)			3.41%
Outstanding principal	595,000,000		$ 595,000,000
HVF II Series 2016-3
Debt Instrument [Line Items]
Average interest rate (as a percent)			2.72%
Outstanding principal	424,000,000		$ 424,000,000
HVF II Series 2016-4
Debt Instrument [Line Items]
Average interest rate (as a percent)			3.09%
Outstanding principal	424,000,000		$ 424,000,000
Donlen ABS Program
Debt Instrument [Line Items]
Outstanding principal	380,000,000		$ 320,000,000
HFLF Series 2013-2 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)			3.39%
Outstanding principal	380,000,000		$ 320,000,000		$ 500,000,000
HFLF Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	963,000,000		$ 1,151,000,000
HFLF Series 2015-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)			3.86%
Outstanding principal	145,000,000		$ 33,000,000				$ 300,000,000
HFLF Series 2016-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)			3.57%
Outstanding principal	318,000,000		$ 171,000,000
HFLF Series 2017-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)			2.79%
Outstanding principal	500,000,000		$ 397,000,000
Other Fleet Debt
Debt Instrument [Line Items]
Outstanding principal	2,246,000,000		$ 2,274,000,000
U.S. Vehicle RCF
Debt Instrument [Line Items]
Average interest rate (as a percent)			5.01%
Outstanding principal	186,000,000		$ 146,000,000
European Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal	184,000,000		$ 0
European Fleet Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)			5.07%
Outstanding principal	773,000,000		$ 829,000,000
4.375% Senior Notes due January 2019
Debt Instrument [Line Items]
Outstanding principal	505,000,000		$ 0
Interest rate			4.375%
4.125% Senior Notes due October 2021
Debt Instrument [Line Items]
Outstanding principal	268,000,000		$ 257,000,000
Interest rate			4.125%
European Securitization
Debt Instrument [Line Items]
Outstanding principal	367,000,000		$ 0
European ABS
Debt Instrument [Line Items]
Average interest rate (as a percent)			1.75%
Outstanding principal	0		$ 600,000,000
Canadian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)			3.43%
Outstanding principal	237,000,000		$ 220,000,000			$ 350
Australian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)			3.63%
Outstanding principal	155,000,000		$ 155,000,000
New Zealand Revolving Credit Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)			4.64%
Outstanding principal	42,000,000		$ 40,000,000
UK Leveraged Financing
Debt Instrument [Line Items]
Average interest rate (as a percent)			3.08%
Outstanding principal	251,000,000		$ 242,000,000
Capitalized Leases
Debt Instrument [Line Items]
Average interest rate (as a percent)			3.99%
Outstanding principal	51,000,000		$ 42,000,000
Us Fleet Medium Term Notes 2017 Series 1
Debt Instrument [Line Items]
Average interest rate (as a percent)			3.38%
Outstanding principal	$ 450,000,000		$ 450,000,000
4.25% Senior Notes due April 2018
Debt Instrument [Line Items]
Interest rate	4.25%	4.25%	6.75%
Repayments of debt	$ 450,000,000	$ 250,000,000
6.75% Senior Notes due April 2019
Debt Instrument [Line Items]
Interest rate			6.75%
5.875% Senior Notes due October 2020
Debt Instrument [Line Items]
Outstanding principal	700,000,000		$ 700,000,000
Interest rate			5.875%
7.375% Senior Notes due January 2021
Debt Instrument [Line Items]
Outstanding principal	500,000,000		$ 500,000,000
Interest rate			7.375%
6.250% Senior Notes due October 2022
Debt Instrument [Line Items]
Outstanding principal	500,000,000		$ 500,000,000
Interest rate			6.25%
5.500% Senior Notes due October 2024
Debt Instrument [Line Items]
Outstanding principal	$ 800,000,000		$ 800,000,000
Interest rate			5.50%

Debt (Narrative) (Details) $ in Millions	1 Months Ended								6 Months Ended	12 Months Ended
Debt (Narrative) (Details) $ in Millions	Feb. 28, 2019 USD ($)	Oct. 31, 2018 EUR (€)	Jun. 30, 2018 USD ($)	Apr. 30, 2018 USD ($)	Apr. 30, 2018 EUR (€)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Oct. 31, 2018 CAD ($)	Sep. 30, 2018 EUR (€)	Jul. 31, 2018 EUR (€)	May 31, 2018 USD ($)	May 31, 2018 EUR (€)	May 31, 2018 CAD ($)	Mar. 31, 2018 EUR (€)	Jan. 31, 2018 USD ($)	Nov. 30, 2017 USD ($)	Nov. 30, 2017 AUD ($)	Nov. 02, 2017 USD ($)	Sep. 30, 2017 USD ($)	Apr. 30, 2017 USD ($)	Feb. 28, 2017 USD ($)	Sep. 30, 2016 EUR (€)	Sep. 30, 2016 NZD ($)	Apr. 30, 2016 USD ($)	Feb. 28, 2016 USD ($)	Feb. 24, 2016 USD ($)	Oct. 31, 2015 USD ($)	Sep. 30, 2015 CAD ($)	Jun. 30, 2015 USD ($)	Apr. 30, 2015 USD ($)	Jan. 31, 2013 USD ($)	Nov. 30, 2010 AUD ($)	Jul. 31, 2010 USD ($)
Debt Instrument [Line Items]
Debt to mature in 2019										$ 1,613,000,000
Outstanding principal							$ 2,500,000,000			$ 2,500,000,000	$ 2,500,000,000
Restricted net assets of subsidiaries as percentage of total consolidated net assets, greater than										25.00%
Availability under borrowing base limitation										$ 587,000,000
VIE, total assets							524,000,000			946,000,000	524,000,000
VIE, total liabilities							524,000,000			946,000,000	524,000,000
Total restricted cash and cash equivalents							432,000,000			283,000,000	432,000,000
Loss on extinguishment of debt										(22,000,000)	(13,000,000)	$ (55,000,000)
Accrued liabilities
Debt Instrument [Line Items]
Interest expense, net										73,000,000	71,000,000
Letters of credit facility
Debt Instrument [Line Items]
Outstanding standby letters of credit										677,000,000
HVF II Series 2017-A
Debt Instrument [Line Items]
Repayments of debt						$ 500,000,000
Senior Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, Covenant Compliance, Leverage Ratio, Unrestricted Cash Netting Cap																										$ 500,000,000
Corporate Debt
Debt Instrument [Line Items]
Debt to mature in 2019										16,000,000
Availability under borrowing base limitation										499,000,000
Senior Loans
Debt Instrument [Line Items]
Outstanding principal							688,000,000		$ 700,000,000	$ 674,000,000	688,000,000
Average interest rate (as a percent)										5.28%
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal									1,700,000,000
Revolving Credit Facility \| Letters of credit facility
Debt Instrument [Line Items]
Debt face amount																					$ 400,000,000
Senior credit facility
Debt Instrument [Line Items]
Outstanding standby letters of credit										$ 366,000,000
Aggregate maximum borrowings																							$ 1,167,000,000
Outstanding principal							0			0	$ 0
Line of credit facility, period increase (decrease)										533,000,000
Covenant compliance borrowing threshold																							$ 2,400,000,000
US Vehicle RCF
Debt Instrument [Line Items]
Availability under borrowing base limitation										0
Senior ABL Facility
Debt Instrument [Line Items]
Fixed charge coverage ratio number of quarters											1 year
Availability under borrowing base limitation										496,000,000
Senior Notes
Debt Instrument [Line Items]
Outstanding principal							2,500,000,000			$ 2,500,000,000	$ 2,500,000,000
Average interest rate (as a percent)										6.13%
Redemption price of debt, percentage of face amount										101.00%
Debt instrument, Covenant Compliance, Leverage Ratio										300.00%
5.500% Senior Notes due October 2024
Debt Instrument [Line Items]
Interest rate										5.50%
Outstanding principal							800,000,000			$ 800,000,000	800,000,000
6.75% Senior Notes due April 2019
Debt Instrument [Line Items]
Interest rate										6.75%
7.375% Senior Notes due January 2021
Debt Instrument [Line Items]
Interest rate										7.375%
Outstanding principal							500,000,000			$ 500,000,000	500,000,000
6.250% Senior Notes due October 2022
Debt Instrument [Line Items]
Interest rate										6.25%
Outstanding principal							$ 500,000,000			$ 500,000,000	$ 500,000,000
4.25% Senior Notes due April 2018
Debt Instrument [Line Items]
Interest rate							4.25%	4.25%		6.75%	4.25%
Repayments of debt							$ 450,000,000	$ 250,000,000
Senior Second Priority Secured Notes, 7.625%, Due 2022
Debt Instrument [Line Items]
Interest rate								7.625%
Debt face amount								$ 1,250,000,000.00
5.875% Senior Notes due October 2020
Debt Instrument [Line Items]
Interest rate										5.875%
Outstanding principal							700,000,000			$ 700,000,000	$ 700,000,000
Fleet Debt
Debt Instrument [Line Items]
Debt to mature in 2019										1,597,000,000
Availability under borrowing base limitation										88,000,000
U.S. Fleet Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal							664,000,000			0	664,000,000
HVF Series 2010-1
Debt Instrument [Line Items]
Aggregate maximum borrowings																																						$ 750,000,000
Outstanding principal							39,000,000			0	39,000,000
HVF Series 2013-1
Debt Instrument [Line Items]
Aggregate maximum borrowings																																				$ 950,000,000
Outstanding principal							625,000,000			0	625,000,000
HVF II U.S. ABS Program
Debt Instrument [Line Items]
Outstanding principal							2,093,000,000			2,940,000,000	2,093,000,000
HVF II Series 2015-1
Debt Instrument [Line Items]
Outstanding principal																																			$ 780,000,000
HVF II Series 2015-2 Notes
Debt Instrument [Line Items]
Outstanding principal																																$ 265,000,000
HVF II Series 2015-3 Notes
Debt Instrument [Line Items]
Outstanding principal																																$ 371,000,000
HVF II Series 2013-A, Class A
Debt Instrument [Line Items]
Outstanding principal							1,970,000,000			$ 2,940,000,000	1,970,000,000
Average interest rate (as a percent)										3.92%
HVF II Series 2013-B, Class A
Debt Instrument [Line Items]
Outstanding principal							123,000,000			$ 0	123,000,000
HVF II Series 2013 Notes
Debt Instrument [Line Items]
Debt instrument, net change				$ 250,000,000				415,000,000
HVF II Series 2013-A Notes
Debt Instrument [Line Items]
Outstanding principal				3,400,000,000
Debt instrument, net change								$ 300,000,000
HVF II Series 2013-B Notes
Debt Instrument [Line Items]
Outstanding principal				$ 300,000,000
HVF II Series 2016-1 Notes
Debt Instrument [Line Items]
Outstanding principal																														$ 466,000,000
HVF II Series 2016-2 Notes
Debt Instrument [Line Items]
Outstanding principal																														$ 595,000,000
HVF II Series 2016-3 Notes And HVF II Series 2016-4 Notes
Debt Instrument [Line Items]
Outstanding principal									$ 424,000,000
HVF II Series 2017-1 Notes
Debt Instrument [Line Items]
Outstanding principal																								$ 450,000,000
HVF II Series 2017-2 Notes
Debt Instrument [Line Items]
Outstanding principal																								$ 370,000,000
HVF II Series 2018-1 Notes
Debt Instrument [Line Items]
Outstanding principal																				$ 1,100,000,000
HVF II Series 2018-2 Notes and HVF II Series 2018-3 Notes
Debt Instrument [Line Items]
Outstanding principal			$ 213,000,000
HFLF Variable Funding Notes
Debt Instrument [Line Items]
Availability under borrowing base limitation										19,000,000
HFLF Series 2013-2 Notes
Debt Instrument [Line Items]
Outstanding principal							380,000,000			$ 320,000,000	380,000,000																				$ 500,000,000
Average interest rate (as a percent)										3.39%
HFLF Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal							963,000,000			$ 1,151,000,000	963,000,000
HFLF Series 2015-1 Notes
Debt Instrument [Line Items]
Outstanding principal							145,000,000			$ 33,000,000	145,000,000																							$ 300,000,000
Average interest rate (as a percent)										3.86%
HFLF Series 2016-1
Debt Instrument [Line Items]
Debt face amount																													$ 400,000,000
HFLF Series 2016-1 Notes
Debt Instrument [Line Items]
Outstanding principal							318,000,000			$ 171,000,000	318,000,000
Average interest rate (as a percent)										3.57%
European Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal							184,000,000			$ 0	184,000,000
Former European Fleet Notes
Debt Instrument [Line Items]
Interest rate																											4.125%	4.125%
European Fleet Notes
Debt Instrument [Line Items]
Aggregate maximum borrowings \| €																											€ 225,000,000
Outstanding principal							773,000,000			$ 829,000,000	773,000,000
Average interest rate (as a percent)										5.07%
European Fleet Notes, 5.500 Percent, Due March 2023 [Member]
Debt Instrument [Line Items]
Interest rate																			5.50%
Outstanding principal							0			$ 572,000,000	0
Debt face amount \| €																			€ 500,000,000
European Fleet Notes, 5.500 Percent, Due March 2023 [Member] \| Restricted Cash [Member]
Debt Instrument [Line Items]
Proceeds from issuance of debt \| €					€ 425,000,000
European Securitization, Due January 2019
Debt Instrument [Line Items]
Interest rate				4.375%
European ABS
Debt Instrument [Line Items]
Aggregate maximum borrowings \| €		€ 1,000,000,000
Outstanding principal							0			$ 600,000,000	0
Average interest rate (as a percent)										1.75%
European Securitization
Debt Instrument [Line Items]
Outstanding principal							367,000,000			$ 0	367,000,000
Availability under borrowing base limitation										69,000,000
Canadian Securitization
Debt Instrument [Line Items]
Outstanding principal							237,000,000			$ 220,000,000	237,000,000																						$ 350,000,000
Average interest rate (as a percent)										3.43%
Availability under borrowing base limitation										$ 0
Australian Securitization, Due March 2020
Debt Instrument [Line Items]
Aggregate maximum borrowings																																					$ 250,000,000
Outstanding principal																						$ 250,000,000
New Zealand Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal																												$ 60
UK Leveraged Financing
Debt Instrument [Line Items]
Outstanding principal							251,000,000			$ 242,000,000	251,000,000
Debt face amount \| €														€ 250,000,000			€ 287,500,000.0
Average interest rate (as a percent)										3.08%
UK Leveraged Financing, Due September 2018 [Member]
Debt Instrument [Line Items]
Debt face amount \| €															€ 300,000,000
HFLF Series 2017-1 Notes
Debt Instrument [Line Items]
Outstanding principal							500,000,000			$ 397,000,000	500,000,000
Debt face amount																									$ 500,000,000
Average interest rate (as a percent)										2.79%
HFLF Series 2018-1 [Member]
Debt Instrument [Line Items]
Outstanding principal							0			$ 550,000,000	0
Debt face amount																$ 550,000,000
Average interest rate (as a percent)										3.24%
London Interbank Offered Rate (LIBOR) \| Senior Loans \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate									0.75%
Letters of credit facility \| Senior credit facility
Debt Instrument [Line Items]
Outstanding standby letters of credit										$ 302,000,000
Revolving Credit Facility \| Senior credit facility \| Letters of credit facility
Debt Instrument [Line Items]
Aggregate maximum borrowings										862,000,000
Line of credit facility, period increase (decrease)			$ (305,000,000)
Revolving Credit Facility \| US Vehicle RCF
Debt Instrument [Line Items]
Aggregate maximum borrowings									$ 200,000,000
Line of credit facility outstanding										146,000,000
Revolving Credit Facility \| European Revolving Credit Facility, Due March 2020
Debt Instrument [Line Items]
Aggregate maximum borrowings \| €																			€ 438,000,000
Revolving Credit Facility \| Canadian Securitization, Due October 2018
Debt Instrument [Line Items]
Aggregate maximum borrowings																		$ 410,000,000
Revolving Credit Facility \| Funding LP Series 2015-A Notes
Debt Instrument [Line Items]
Aggregate maximum borrowings													$ 350,000,000
Eliminations
Debt Instrument [Line Items]
Total restricted cash and cash equivalents							0			0	0
Subsequent Event \| HVF II Series 2019-A Variable Funding Rental Car Asset Backed Notes
Debt Instrument [Line Items]
Outstanding principal	$ 500,000,000
Subsequent Event \| HVF II Series 2019-1 Notes
Debt Instrument [Line Items]
Debt face amount	745,000,000
Related party transaction, amount	45,000,000
Subsequent Event \| HVF II Series 2013-A Notes, Due March 2021
Debt Instrument [Line Items]
Outstanding principal	3,400,000,000
Subsequent Event \| HVF II Series 2018-1 Class A, B, C and D
Debt Instrument [Line Items]
Debt instrument, net change	$ 400,000,000
Non-Vehicle Related Service
Debt Instrument [Line Items]
Proceeds from issuance of debt										557,000,000	2,100,000,000	2,592,000,000
Total restricted cash and cash equivalents							46,000,000			26,000,000	46,000,000
Loss on extinguishment of debt										0	(13,000,000)	(49,000,000)
Repayments of debt										571,000,000	1,560,000,000	4,651,000,000
Non-Vehicle Related Service \| Senior Revolving Credit Facility
Debt Instrument [Line Items]
Loss on extinguishment of debt											(7,000,000)
Non-Vehicle Related Service \| Senior Term Facility
Debt Instrument [Line Items]
Loss on extinguishment of debt												(15,000,000)
Non-Vehicle Related Service \| 7.50% Senior Notes due October 2018
Debt Instrument [Line Items]
Loss on extinguishment of debt												(18,000,000)
Non-Vehicle Related Service \| 6.75% Senior Notes due April 2019
Debt Instrument [Line Items]
Loss on extinguishment of debt												(16,000,000)
Non-Vehicle Related Service \| 4.25% Senior Notes due April 2018
Debt Instrument [Line Items]
Loss on extinguishment of debt											(6,000,000)
Non-Vehicle Related Service \| Eliminations
Debt Instrument [Line Items]
Proceeds from issuance of debt										0	0
Repayments of debt										0	0
Vehicles
Debt Instrument [Line Items]
Proceeds from issuance of debt										14,009,000,000	10,756,000,000	9,692,000,000
Total restricted cash and cash equivalents							$ 386,000,000			257,000,000	386,000,000
Loss on extinguishment of debt										(22,000,000)	0	(6,000,000)
Repayments of debt										12,426,000,000	10,244,000,000	9,748,000,000
Vehicles \| HVF II Series 2017-A
Debt Instrument [Line Items]
Loss on extinguishment of debt										(2,000,000)
Vehicles \| HVF II Series 2014-A
Debt Instrument [Line Items]
Loss on extinguishment of debt												$ (6,000,000)
Vehicles \| Eliminations
Debt Instrument [Line Items]
Proceeds from issuance of debt										0	0
Repayments of debt										$ 0	$ 0
IFF No. 2
Debt Instrument [Line Items]
Minority ownership interest, percent										25.00%
Line of Credit [Member] \| European ABS
Debt Instrument [Line Items]
Debt Instrument, Term		2 years

Debt (Debt Sold) (Details) - Loans Payable $ in Millions	1 Months Ended
Debt (Debt Sold) (Details) - Loans Payable $ in Millions	Aug. 31, 2017 USD ($)
HVF II Series 2015-2 Class D Notes
Debt Instrument [Line Items]
Debt sold	$ 15
HVF II Series 2015-3 Class D Notes
Debt Instrument [Line Items]
Debt sold	21
HVF II Series 2016-1 Class D Notes
Debt Instrument [Line Items]
Debt sold	27
HVF II Series 2016-2 Class D Notes
Debt Instrument [Line Items]
Debt sold	34
HVF II Series 2016-3 Class D Notes
Debt Instrument [Line Items]
Debt sold	24
HVF II Series 2016-4 Class D Notes
Debt Instrument [Line Items]
Debt sold	24
Total
Debt Instrument [Line Items]
Debt sold	$ 145

Debt (Debt Eliminated in Consolidation) (Details) - Eliminations $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)
HVF II Series 2017-2 Class D Notes
Debt Instrument [Line Items]
Related party transaction, amount	$ 20
HVF II Series 2018-1 Class D Notes
Debt Instrument [Line Items]
Related party transaction, amount	58
HVF II Series 2018-2 Class D Notes
Debt Instrument [Line Items]
Related party transaction, amount	13
HVF II Series 2018-3 Class D Notes
Debt Instrument [Line Items]
Related party transaction, amount	13
Total
Debt Instrument [Line Items]
Related party transaction, amount	$ 104

Debt (Loss on Extinguishment of Debt) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	$ 22	$ 13	$ 55
Non-Vehicle Related Service
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	0	13	49
Vehicles
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	22	0	6
Senior Term Facility \| Non-Vehicle Related Service
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt			15
Senior Revolving Credit Facility \| Non-Vehicle Related Service
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt		7
4.25% Senior Notes due April 2018 \| Non-Vehicle Related Service
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt		$ 6
7.50% Senior Notes due October 2018 \| Non-Vehicle Related Service
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt			18
6.75% Senior Notes due April 2019 \| Non-Vehicle Related Service
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt			16
HVF II Series 2014-A \| Vehicles
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt			$ 6
HVF II Series 2017-A \| Vehicles
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	2
4.375% Senior Notes due January 2019 \| Vehicles
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	$ 20

Debt (Debt Maturities) (Details) - USD ($) $ in Millions	12 Months Ended
Debt (Debt Maturities) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2018
Maturities of Long-term Debt [Abstract]
2019		$ 1,613
2020		7,126
2021		2,328
2022		2,116
2023		2,390
After 2023		827
Senior ABL Facility
Debt Instrument [Line Items]
Fixed charge coverage ratio number of quarters	1 year
Corporate Debt
Maturities of Long-term Debt [Abstract]
2019		16
2020		714
2021		515
2022		1,764
2023		619
After 2023		827
Fleet Debt
Maturities of Long-term Debt [Abstract]
2019		1,597
2020		6,412
2021		1,813
2022		352
2023		1,771
After 2023		$ 0

Debt (Borrowing Capacity) (Details) $ in Millions	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Remaining capacity	$ 2,078
Availability under borrowing base limitation	587
Senior ABL Facility
Debt Instrument [Line Items]
Remaining capacity	496
Availability under borrowing base limitation	496
Letters of credit facility
Debt Instrument [Line Items]
Remaining capacity	3
Availability under borrowing base limitation	3
Corporate Debt
Debt Instrument [Line Items]
Remaining capacity	499
Availability under borrowing base limitation	499
US Vehicle RCF
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	0
HVF II U.S. Vehicle Variable Funding Notes
Debt Instrument [Line Items]
Remaining capacity	725
Availability under borrowing base limitation	0
HFLF Variable Funding Notes
Debt Instrument [Line Items]
Remaining capacity	180
Availability under borrowing base limitation	19
European Securitization
Debt Instrument [Line Items]
Remaining capacity	543
Availability under borrowing base limitation	69
Canadian Securitization
Debt Instrument [Line Items]
Remaining capacity	37
Availability under borrowing base limitation	0
Australian Securitization
Debt Instrument [Line Items]
Remaining capacity	21
Availability under borrowing base limitation	0
Capitalized Leases
Debt Instrument [Line Items]
Remaining capacity	73
Availability under borrowing base limitation	0
New Zealand Revolving Credit Facility
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	0
Fleet Debt
Debt Instrument [Line Items]
Remaining capacity	1,579
Availability under borrowing base limitation	$ 88

Employee Retirement Benefits (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Total equity	$ 1,061	$ 1,520
Beginning Balance	1,520	1,075	$ 2,019
Settlement loss due to restructuring activities taken during the year		5
Defined contribution plan, costs recognized	26	23	23
Pension and Other Post-Employment Benefits
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	(76)	(110)
United States Non-Qualified Pension Plan of US Entity
Defined Benefit Plan Disclosure [Line Items]
Company contributions	5	3
U.K. Plan
Defined Benefit Plan Disclosure [Line Items]
Provisions charged to income	10	10	9
Company contributions			3
U.S. Plan \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 452	526	459
Expected return on plan assets, percent	6.30%
Company contributions	$ 5	3
Non-U.S. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	192	217	$ 188
Company contributions	4	4
Estimated future contributions	3
Non-U.S. \| Pension Benefits \| U.K.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 186	211
Non-U.S. \| U.K. Plan \| U.K.
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets, percent	4.90%
Company contributions	$ 2	$ 3
Equity Securities \| U.S. Plan \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	65.00%
Fixed Income Funds \| U.S. Plan \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	35.00%
Actively Managed Multi-Asset Funds \| Non-U.S. \| U.K. Plan
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	37.50%
Passive Equity Funds \| Non-U.S. \| U.K. Plan
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	27.50%
Passive Bond Funds \| Non-U.S. \| U.K. Plan
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	35.00%

Revenue Disaggregated Revenue - Products and Serives and Geographical (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 8,801
Vehicles
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	8,476
Other Revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	325
Licensee revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	177
Ancillary retail vehicle sales
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	103
Fleet management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	45
Airport
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	5,753
Off airport
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,723
U.S. Car Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	6,480
U.S. Car Rental \| Vehicles
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	6,346
U.S. Car Rental \| Other Revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	134
U.S. Car Rental \| Licensee revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	32
U.S. Car Rental \| Ancillary retail vehicle sales
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	102
U.S. Car Rental \| Fleet management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0
U.S. Car Rental \| Airport
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	4,465
U.S. Car Rental \| Off airport
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,881
International Car Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,276
International Car Rental \| Vehicles
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,130
International Car Rental \| Other Revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	146
International Car Rental \| Licensee revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	145
International Car Rental \| Ancillary retail vehicle sales
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1
International Car Rental \| Fleet management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0
International Car Rental \| Airport
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,288
International Car Rental \| Off airport
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	842
All Other Operations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	45
All Other Operations \| Vehicles
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0
All Other Operations \| Other Revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	45
All Other Operations \| Licensee revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0
All Other Operations \| Ancillary retail vehicle sales
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0
All Other Operations \| Fleet management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	45
All Other Operations \| Airport
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0
All Other Operations \| Off airport
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 0

Employee Retirement Benefits (Weighted Average Assumptions) (Details) - Pension Benefits - U.S. Plan	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.20%	3.60%
Average rate of increase in compensation	4.30%	4.30%

Revenue Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2018	Jan. 01, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Loyalty points revenue recognized	$ 127
Customer loyalty program point balance liability, revenue recognized	(7)
Outstanding point balance amount	272
Calculated under Revenue Guidance in Effect before Topic 606 \| Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract with customer liability	$ 341	$ 345

Employee Retirement Benefits (Change in Benefit Obligation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Pension Benefits \| U.S. Plan
Change in Benefit Obligation
Benefit obligation at the beginning of the year	$ 555	$ 538
Service cost	1	1
Interest cost	19	21
Plan curtailments		(1)
Plan settlements	(31)	(2)
Benefits paid	(4)	(22)
Actuarial loss (gain)	(23)	20
Transfers in connection with the Spin-Off	(1)
Benefit obligation at the end of the year	516	555
Change in Plan Assets
Fair value of plan assets at the beginning of the year	526	459
Actual return of plan assets	(42)	84
Company contributions	5	3
Plan settlements	(31)	(2)
Benefits paid	(4)	(22)
Amounts associated with discontinued operations (yet to be transferred)	(2)	4
Fair value of plan assets at the end of the year	452	526
Funded Status of the Plan
Plan assets less than benefit obligation	(64)	(29)
Pension Benefits \| Non-U.S.
Change in Benefit Obligation
Benefit obligation at the beginning of the year	279	257
Service cost	1	1
Interest cost	7	6
Plan amendments	1
Benefits paid	(6)	(8)
Foreign currency exchange rate translation	(13)	27
Actuarial loss (gain)	(23)	(4)
Benefit obligation at the end of the year	246	279
Change in Plan Assets
Fair value of plan assets at the beginning of the year	217	188
Actual return of plan assets	(12)	15
Company contributions	4	4
Benefits paid	(6)	(8)
Foreign currency exchange rate translation	(11)	18
Transfers in connection with the Spin-Off	0
Amounts associated with discontinued operations (yet to be transferred)	0
Fair value of plan assets at the end of the year	192	217
Funded Status of the Plan
Plan assets less than benefit obligation	(54)	(62)
Postretirement Benefits \| U.S. Plan
Change in Benefit Obligation
Benefit obligation at the beginning of the year	14	14
Interest cost	1	1
Benefits paid	(1)	(2)
Actuarial loss (gain)	(2)	1
Benefit obligation at the end of the year	12	14
Change in Plan Assets
Fair value of plan assets at the beginning of the year	0	0
Company contributions	1	2
Benefits paid	(1)	(2)
Fair value of plan assets at the end of the year	0	0
Funded Status of the Plan
Plan assets less than benefit obligation	$ (12)	$ (14)

Employee Retirement Benefits (Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Continuing Operations
Components of Net Periodic Benefit Cost:
Service cost			$ 0
Interest cost			1
Expected return on plan assets			0
Net amortizations			0
Settlement loss			0
Net pension and postretirement expense			$ 1
Weighted average discount rate for expense (January 1)			4.20%
Initial health care cost trend rate (as a percent)			6.90%
Ultimate health care cost trend rate (as a percent)			4.50%
Number of years to ultimate health trend rate (in years)			22 years
U.S. Plan \| Continuing Operations
Components of Net Periodic Benefit Cost:
Service cost		$ 0
Interest cost		1
Expected return on plan assets		0
Net amortizations		0
Settlement loss		0
Net pension and postretirement expense		$ 1
Weighted average discount rate for expense (January 1)		3.90%
Initial health care cost trend rate (as a percent)		6.70%
Ultimate health care cost trend rate (as a percent)		4.50%
Number of years to ultimate health trend rate (in years)		21 years
U.S. Plan \| Pension Benefits
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	$ (64)	$ (29)
Prior service credit (cost)	0	0
Net gain (loss)	(87)	(43)
Accumulated other comprehensive income (loss)	(87)	(43)
Funded/(Unfunded) accrued pension or postretirement benefit	23	14
Net obligation recognized in the balance sheet	(64)	(29)
Total recognized in other comprehensive (income) loss	44	(43)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	40	(43)
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next fiscal year:
Net gain (loss)	5	(1)
Accumulated Benefit Obligation at December 31	$ 516	$ 554
Weighted-average assumptions as of December 31
Discount rate	4.20%	3.60%
Expected return of assets (as a percent)	6.30%	6.30%
Average rate of increase in compensation	4.30%	4.30%
Components of Net Periodic Benefit Cost:
Service cost	$ 1	$ 1
Interest cost	19	21
U.S. Plan \| Pension Benefits \| Continuing Operations
Components of Net Periodic Benefit Cost:
Service cost		1	$ 2
Interest cost		21	24
Expected return on plan assets		(26)	(32)
Net amortizations		3	6
Settlement loss		1	5
Net pension and postretirement expense		$ 0	$ 5
Weighted average discount rate for expense (January 1)		4.00%	4.30%
Expected rate of return on plan assets		7.00%	7.20%
U.S. Plan \| Pension Benefits \| Prepaid expenses and other assets
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	0	$ 0
U.S. Plan \| Pension Benefits \| Accrued liabilities
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	(64)	(29)
U.S. Plan \| Postretirement Benefits
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	(12)	(14)
Prior service credit (cost)	0	0
Net gain (loss)	1	(1)
Accumulated other comprehensive income (loss)	1	(1)
Funded/(Unfunded) accrued pension or postretirement benefit	(13)	(13)
Net obligation recognized in the balance sheet	(12)	(14)
Total recognized in other comprehensive (income) loss	(2)	1
Total recognized in net periodic benefit cost and other comprehensive (income) loss	(1)	2
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next fiscal year:
Net gain (loss)	$ 0	$ 0
Weighted-average assumptions as of December 31
Discount rate	4.20%	3.50%
Initial health care cost trend rate (as a percent)	6.10%	6.40%
Ultimate health care cost trend rate (as a percent)	4.50%	4.50%
Number of years to ultimate trend rate (in years)	20 years	21 years
Components of Net Periodic Benefit Cost:
Interest cost	$ 1	$ 1
U.S. Plan \| Postretirement Benefits \| Continuing Operations
Components of Net Periodic Benefit Cost:
Service cost	1		$ 1
Interest cost	7		8
Expected return on plan assets	(11)		(11)
Net amortizations	1		0
Settlement loss	0		0
Net pension and postretirement expense	$ (2)		$ (2)
Weighted average discount rate for expense (January 1)	2.40%		3.60%
Expected rate of return on plan assets	5.20%		6.10%
U.S. Plan \| Postretirement Benefits \| Prepaid expenses and other assets
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	$ 0	0
U.S. Plan \| Postretirement Benefits \| Accrued liabilities
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	(12)	(14)
Non-U.S. \| Continuing Operations
Components of Net Periodic Benefit Cost:
Service cost	0
Interest cost	1
Expected return on plan assets	0
Net amortizations	0
Settlement loss	0
Net pension and postretirement expense	$ 1
Weighted average discount rate for expense (January 1)	3.50%
Initial health care cost trend rate (as a percent)	6.40%
Ultimate health care cost trend rate (as a percent)	4.50%
Number of years to ultimate health trend rate (in years)	20 years
Non-U.S. \| Pension Benefits
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	$ (54)	(62)
Prior service credit (cost)	(1)	0
Net gain (loss)	(58)	(62)
Accumulated other comprehensive income (loss)	(59)	(62)
Funded/(Unfunded) accrued pension or postretirement benefit	5	0
Net obligation recognized in the balance sheet	(54)	(62)
Total recognized in other comprehensive (income) loss	(2)	(4)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	(5)	(5)
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next fiscal year:
Net gain (loss)	(1)	(1)
Accumulated Benefit Obligation at December 31	$ 245	$ 278
Weighted-average assumptions as of December 31
Discount rate	2.70%	2.40%
Expected return of assets (as a percent)	4.90%	5.20%
Average rate of increase in compensation	2.80%	2.80%
Components of Net Periodic Benefit Cost:
Service cost	$ 1	$ 1
Interest cost	7	6
Non-U.S. \| Pension Benefits \| Continuing Operations
Components of Net Periodic Benefit Cost:
Service cost	1	1
Interest cost	19	6
Expected return on plan assets	(28)	(10)
Net amortizations	1	2
Settlement loss	3	0
Net pension and postretirement expense	$ (4)	$ (1)
Weighted average discount rate for expense (January 1)	3.60%	2.50%
Expected rate of return on plan assets	6.30%	5.20%
Non-U.S. \| Pension Benefits \| Prepaid expenses and other assets
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	$ 21	$ 17
Non-U.S. \| Pension Benefits \| Accrued liabilities
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	$ (75)	$ (79)

Employee Retirement Benefits (Estimated Future Benefit Payments & Other Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Pension Benefits
Other Plans [Abstract]
Aggregate period contributions	$ 10	$ 10	$ 9
Pension Benefits \| Western Conference of Teamsters
Other Plans [Abstract]
Aggregate period contributions	7	6	6
Pension Benefits \| Other Plans
Other Plans [Abstract]
Aggregate period contributions	3	$ 4	$ 3
U.S. Plan \| Pension Benefits
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2019	46
2020	41
2021	43
2022	45
2023	48
After 2023	245
Total	468
U.S. Plan \| Postretirement Benefits
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2019	1
2020	1
2021	1
2022	1
2023	1
After 2023	5
Total	$ 10

Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested stock options, RSUs and PSUs granted	$ 26
Compensation expense	$ 14	$ 19	$ 13
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition of total unrecognized compensation cost	1 year 7 months
Expected term (years)	5 years	7 years	5 years
Restricted Stock Units RSU and Performance Stock Units PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Granted (in dollars per share)	$ 17.40	$ 19.27	$ 38.86
Award vesting percentage first year	33.33%	33.33%	33.33%
Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, shares authorized (in shares)	6,600,000
Awards granted pursuant to the Omnibus Plan	2,677,723
Omnibus Plan \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	904,542
Granted (in dollars per share)	$ 17.40
Omnibus Plan \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,424,974
Granted (in dollars per share)	$ 17.64
Omnibus Plan \| Common Stock Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares underlying outstanding awards	4,509,885
2017 Executive Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 6
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	324,000
Maximum \| Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	10 years

Stock-Based Compensation (Summary of the total compensation expense and associated recognized income tax benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Compensation Expense and Tax Benefit
Compensation expense	$ 14	$ 19	$ 13
Income tax benefit	(3)	(8)	(5)
Total	$ 11	$ 11	$ 8

Stock-Based Compensation (Schedule of valuation assumptions) (Details) - Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	56.70%	47.80%	44.20%
Expected dividend yield	0.00%	0.00%	0.00%
Expected term (years)	5 years	7 years	5 years
Risk-free interest rate	2.57%	1.95%	1.00%
Weighted-average grant date fair value (in dollars per share)	$ 8.92	$ 9.44	$ 39.35

Stock-Based Compensation (Summary of option activity under stock incentive plan and omnibus plan) (Details) - Stock Option - Stock Incentive Plan and Omnibus Plan - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Options, Outstanding [Roll Forward]
Outstanding beginning balance (in shares)	1,134,694
Granted (in shares)	524,817
Exercised (in shares)	(10,847)
Forfeited or Expired (in shares)	(478,346)
Outstanding ending balance (in shares)	1,170,318	1,134,694
Exercisable (in shares)	240,625
Weighted Average Exercise Price [Roll Forward]
Outstanding beginning balance (in dollars per share)	$ 44.35
Granted (in dollars per share)	17.76
Exercised (in dollars per share)	2.80
Forfeited or Expired (in dollars per share)	50.14
Outstanding ending balance (in dollars per share)	30.44	$ 44.35
Exercisable (in dollars per share)	$ 62.30
Additional Disclosures [Abstract]
Weighted average remaining contractual term	4 years 9 months 18 days	4 years 3 months 18 days
Weighted average remaining contractual term, Exercisable	1 year 10 months 10 days
Aggregate intrinsic value	$ 0	$ 0
Aggregate intrinsic value, Exercisable	$ 0

Stock-Based Compensation (Summary of non-vested options and changes during the year) (Details) - Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Options Nonvested Weighted Average Grant Date Fair Value [Abstract]
Granted (in dollars per share)	$ 8.92	$ 9.44	$ 39.35
Stock Incentive Plan and Omnibus Plan
Non-vested Options, Outstanding [Roll Forward]
Non-vested beginning balance (in shares)	764,289
Granted (in shares)	524,817
Vested (in shares)	(124,262)
Forfeited (in shares)	(235,151)
Non-vested ending balance (in shares)	929,693	764,289
Non-vested Options, Weighted Average Exercise Price [Roll Forward]
Non-vested beginning balance (in dollars per share)	$ 35.25
Granted (in dollars per share)	17.76
Vested (in dollars per share)	63.05
Forfeited (in dollars per share)	33.14
Non-vested ending balance (in dollars per share)	22.20	$ 35.25
Options Nonvested Weighted Average Grant Date Fair Value [Abstract]
Non-vested beginning balance (in dollars per share)	13.54
Granted (in dollars per share)	8.92
Vested (in dollars per share)	21.64
Forfeited (in dollars per share)	13.28
Non-vested ending balance (in dollars per share)	$ 9.92	$ 13.54

Stock-Based Compensation (Schedule of additional information pertaining to option activity under the plans) (Details) - Stock Option - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of stock options exercised	$ 0	$ 0	$ 12
Cash received from the exercise of stock options	0	0	10
Fair value of options that vested	3	3	10
Tax benefit realized on exercise of stock options	$ 0	$ 0	$ 4

Stock-Based Compensation (Summary of PSU and RSU activity under the omnibus plan) (Details) - Omnibus Plan - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Performance Stock Units
Options, Outstanding [Roll Forward]
Outstanding beginning balance (in shares)	1,233,923
Granted (in shares)	1,424,974
Vested (in shares)	(367,650)
Forfeited or Expired (in shares)	(724,121)
Outstanding ending balance (in shares)	1,567,126	1,233,923
Weighted-Average Fair Value
Outstanding beginning balance (in dollars per share)	$ 29.98
Granted (in dollars per share)	17.64
Vested (in dollars per share)	21.31
Forfeited or Expired (In dollars per share)	28.39
Outstanding ending balance (in dollars per share)	$ 21.61	$ 29.98
Aggregate intrinsic value, Outstanding	$ 12	$ 5
Restricted Stock Units
Options, Outstanding [Roll Forward]
Outstanding beginning balance (in shares)	738,540
Granted (in shares)	904,542
Vested (in shares)	(237,534)
Forfeited or Expired (in shares)	(283,315)
Outstanding ending balance (in shares)	1,122,233	738,540
Weighted-Average Fair Value
Outstanding beginning balance (in dollars per share)	$ 24.20
Granted (in dollars per share)	17.40
Vested (in dollars per share)	20.05
Forfeited or Expired (In dollars per share)	22.14
Outstanding ending balance (in dollars per share)	$ 20.11	$ 24.20
Aggregate intrinsic value, Outstanding	$ 15	$ 16

Stock-Based Compensation (Summary of additional information pertaining to RSU activity) (Details) - Restricted Stock Units RSU and Performance Stock Units PSU - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of awards that vested	$ 5	$ 6	$ 7
Weighted average grant date fair value of awards (in dollars per share)	$ 17.40	$ 19.27	$ 38.86

Leases (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Lease and Concession Agreements
Variable lease costs, adjusted amounts		$ 135	$ 129
Minimum fixed lease cost	$ 577	515	493
Variable lease cost	438	430	421
Total	1,015	$ 945	$ 914
Minimum obligations under existing agreements
2019	413
2020	313
2021	255
2022	194
2022	139
After 2023	866
Total	$ 2,180
Maximum
Lease and Concession Agreements
Operating lease terms	35 years

Restructuring (Details) $ in Millions	12 Months Ended
Restructuring (Details) $ in Millions	Dec. 31, 2016 USD ($)
Restructuring details
Restructuring reserve programs initiated	$ 63
Restructuring charges	62
Operating Segments \| U.S. Car Rental
Restructuring details
Restructuring charges	49
Operating Segments \| International Car Rental
Restructuring details
Restructuring charges	9
Corporate
Restructuring details
Restructuring charges	4
Direct vehicle and operating
Restructuring details
Restructuring charges	36
Selling, general and administrative
Restructuring details
Restructuring charges	26
Termination benefits
Restructuring details
Restructuring charges	24
Impairments and asset write-downs
Restructuring details
Restructuring charges	30
Facility closure and lease obligation costs
Restructuring details
Restructuring charges	7
Other
Restructuring details
Restructuring charges	$ 1

Income Tax (Provision) Benefit (Schedule of Components of income Before Income Taxes) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Entity Information [Line Items]
Domestic									$ (293)	$ (680)	$ (535)
Foreign									36	105	65
Income (loss) from continuing operations before income taxes	$ (120)	$ 181	$ (86)	$ (231)	$ (179)	$ 143	$ (245)	$ (294)	(257)	(575)	(470)
The Hertz Corporation
Entity Information [Line Items]
Domestic									(286)	(675)	(534)
Foreign									36	105	65
Income (loss) from continuing operations before income taxes	$ (118)	$ 183	$ (84)	$ (230)	$ (178)	$ 144	$ (244)	$ (293)	$ (250)	$ (570)	$ (469)

Income Tax (Provision) Benefit (Schedule of Total Provision for Taxes on Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current:
Federal	$ (3)	$ 0	$ 22
Foreign	32	19	48
State and local	7	1	12
Total current	36	20	82
Deferred:
Federal	(66)	(900)	(131)
Foreign	11	10	1
State and local	(11)	(32)	52
Total deferred	(66)	(922)	(78)
Total provision	(30)	(902)	4
The Hertz Corporation
Deferred:
Federal	2	0	0
Total provision	$ (28)	$ (902)	$ 4

Income Tax (Provision) Benefit (Schedule of Principal Items of the U.S. and Foreign Net Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Deferred Tax Assets:
Employee benefit plans	$ 34	$ 27
Net operating loss carry forwards	1,937	1,343
Federal, state and foreign local tax credit carry forwards	42	24
Accrued and prepaid expenses	163	90
Total Deferred Tax Assets	2,176	1,484
Less: Valuation Allowance	(318)	(305)
Total Net Deferred Tax Assets	1,858	1,179
Deferred Tax Liabilities:
Depreciation on tangible assets	(2,130)	(1,576)
Intangible assets	(761)	(764)
Total Deferred Tax Liabilities	(2,891)	(2,340)
Net deferred tax liability - Hertz Global	(1,033)	(1,161)
The Hertz Corporation
Deferred Tax Assets:
Net operating loss carry forwards	(3)	0
Deferred Tax Liabilities:
Net deferred tax liability - Hertz Global	$ (1,036)	$ (1,161)

Income Tax (Provision) Benefit (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Loss Carryforwards [Line Items]
Tax Cuts and Jobs Act of 2017 change in tax rate, income tax (expense) benefit	$ 679
Tax Cuts and Jobs Act of 2017, repatriation of foreign earnings, income tax (expense) benefit		$ 22
Reduction in expected AMT receivable		3
Deferred tax assets	1,343	1,937	$ 1,343
Valuation allowance recorded against deferred tax assets	305	318	305
Remaining deferred tax assets to be realized	1,179	$ 1,858	$ 1,179
Effective tax rate		12.00%	157.00%	(1.00%)
Income tax (provision) benefit		$ 30	$ 902	$ (4)
Net, after-tax interest and penalties recognized		1	(1)	1
Net, after-tax interest and penalties accrued	7	8	7
Unrecognized tax benefits	43	49	43	$ 45	$ 81
Unrecognized tax benefits that would impact effective tax rate	1	5	1
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
AMT Tax Credits and other	23	38	23
Deferred tax assets	873	1,500	873
NOL carry forwards	4,200	7,000	4,200
Domestic Tax Authority \| Net Capital Loss
Operating Loss Carryforwards [Line Items]
Deferred tax assets	9	7	9
Valuation allowance recorded against deferred tax assets	9	0	9
Domestic Tax Authority \| Alternative Minimum Tax
Operating Loss Carryforwards [Line Items]
Valuation allowance recorded against deferred tax assets	19	24	19
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Deferred tax assets	290	279	290
Valuation allowance recorded against deferred tax assets	101	116	101
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Deferred tax assets	180	192	180
NOL carry forwards	655	728	655
NOL carry forward, valuation allowance	126	126	126
NOL carry forward with indefinite carry forward period	595	649	595
Valuation allowance recorded against deferred tax assets	50	52	50
Tax Year 2017
Operating Loss Carryforwards [Line Items]
AMT Tax Credits and other		40
Tax Year 2018
Operating Loss Carryforwards [Line Items]
AMT Tax Credits and other		20
Tax Year 2019
Operating Loss Carryforwards [Line Items]
AMT Tax Credits and other		10
Tax Year 2020
Operating Loss Carryforwards [Line Items]
AMT Tax Credits and other		5
Tax Year 2021
Operating Loss Carryforwards [Line Items]
AMT Tax Credits and other		5
The Hertz Corporation
Operating Loss Carryforwards [Line Items]
Deferred tax assets	$ 0	$ (3)	$ 0
Effective tax rate		11.00%	158.00%	(1.00%)
Income tax (provision) benefit		$ 28	$ 902	$ (4)

Income Tax (Provision) Benefit (Schedule of Significant Items in the Reconciliation of the Statutory and Effective Income Tax Rates) (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Statutory federal tax rate	21.00%	35.00%	35.00%
Foreign tax rate differential	(1.00%)	2.00%	2.00%
State and local income taxes, net of federal income tax benefit	7.00%	6.00%	3.00%
Change in state apportionment and statutory rates, net of federal income tax benefit	1.00%	6.00%	(7.00%)
Tax reform	(9.00%)	118.00%	0.00%
Federal and foreign permanent differences	0.00%	0.00%	(1.00%)
Withholding taxes	(3.00%)	(2.00%)	(2.00%)
Uncertain tax positions	(3.00%)	0.00%	0.00%
Change in valuation allowance	(5.00%)	(7.00%)	(11.00%)
Change in foreign statutory rates	(3.00%)	0.00%	(3.00%)
Tax credits	7.00%	(1.00%)	0.00%
Goodwill impairment	0.00%	0.00%	(12.00%)
Stock option shortfalls	(1.00%)	(1.00%)	(3.00%)
All other items, net	1.00%	1.00%	(2.00%)
Effective tax rate - Hertz Global	12.00%	157.00%	(1.00%)
The Hertz Corporation
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Tax reform	(1.00%)	1.00%	0.00%
Effective tax rate - Hertz Global	11.00%	158.00%	(1.00%)

Income Tax (Provision) Benefit (Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 43	$ 45	$ 81
Increase attributable to tax positions taken during prior periods	3
Decrease attributable to tax positions taken during prior periods		(2)	(35)
Increase (decrease) attributable to tax positions taken during the current year	5	3	0
Decrease attributable to settlements with taxing authorities	(2)	(3)	(1)
Balance at December 31	$ 49	$ 43	$ 45

Fair Value Measurements (Cash Equivalents and Investments) (Details) - Recurring - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Money market funds and time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 701	$ 634
Money market funds and time deposits \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	701	634
Money market funds and time deposits \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Money market funds and time deposits \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	44	0
Equity securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	44	0
Equity securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Equity securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	$ 0

Fair Value Measurements (Debt Obligations) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	$ 2,500	$ 2,500
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	16,400	14,947
Aggregate Fair Value	15,902	14,894
Non-Vehicle Related Service \| Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	4,455	4,476
Aggregate Fair Value	4,011	4,438
Vehicles \| Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	11,945	10,471
Aggregate Fair Value	$ 11,891	$ 10,456

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	$ 1,520	$ 1,075
Other comprehensive income (loss) before reclassification	(66)	44
Amounts reclassified from accumulated other comprehensive income (loss)	3	9
Reclassification of income tax effects to accumulated deficit resulting from the Tax Cuts and Job Act	(11)
Ending Balance	1,120	1,520
Pension and Other Post-Employment Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	(76)	(110)
Other comprehensive income (loss) before reclassification	(32)	30
Amounts reclassified from accumulated other comprehensive income (loss)	4	4
Reclassification of income tax effects to accumulated deficit resulting from the Tax Cuts and Job Act	(11)
Ending Balance	(115)	(76)
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	(23)	(45)
Other comprehensive income (loss) before reclassification	(34)	14
Amounts reclassified from accumulated other comprehensive income (loss)	(1)	8
Reclassification of income tax effects to accumulated deficit resulting from the Tax Cuts and Job Act	0
Ending Balance	(58)	(23)
Unrealized Losses on Terminated Net Investment Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	(19)	(19)
Other comprehensive income (loss) before reclassification	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Reclassification of income tax effects to accumulated deficit resulting from the Tax Cuts and Job Act	0
Ending Balance	(19)	(19)
Realized/Unrealized Gains on Available for Sale Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	0	3
Other comprehensive income (loss) before reclassification		0
Amounts reclassified from accumulated other comprehensive income (loss)		(3)
Ending Balance		0
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	(118)	(171)
Ending Balance	$ (192)	$ (118)

Contingencies and Off-Balance Sheet Commitments (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Loss Contingencies [Line Items]
Liability recorded for public liability and property damage matters	$ 418.0	$ 427.0
Governmental Investigations
Loss Contingencies [Line Items]
Litigation settlement amount	16.0
Herc Holdings \| Governmental Investigations
Loss Contingencies [Line Items]
Litigation settlement amount	$ 13.6

Related Party Transactions (Details) $ in Millions	1 Months Ended	12 Months Ended
Related Party Transactions (Details) $ in Millions	May 30, 2018 USD ($)	Dec. 31, 2018 USD ($) Vehicle	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)
Related Party Transaction [Line Items]
Sales of marketable securities		$ 36	$ 9	$ 267
Due from related parties							$ (102)
Contributions from noncontrolling interests		60	0	$ 0
Affiliated Entity
Related Party Transaction [Line Items]
Purchases from related party		$ 39	13
767 Auto Leasing, LLC
Related Party Transaction [Line Items]
Number of vehicles sold \| Vehicle		3,600
Related party transaction, amount		$ 37
Sale of Marketable Securities \| Affiliated Entity
Related Party Transaction [Line Items]
Sales of marketable securities	$ 36
Master Loan Agreement \| Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties		(117)	$ (107)
Tax Related Liability \| Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties		$ (65)
Master Motor Vehicle Lease and Management Agreement \| 767 Auto Leasing, LLC
Related Party Transaction [Line Items]
Operating income or loss, percent		25.00%
Hertz Global Holdings
Related Party Transaction [Line Items]
Due from related parties					$ (425)	$ (425)
767 Auto Leasing, LLC \| American Entertainment Properties Corp. [Member]
Related Party Transaction [Line Items]
Contributions from noncontrolling interests		$ 60

Equity and Earnings (Loss) Per Share - Hertz Global (Narrative) (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Preferred Stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Common Stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Treasury stock, shares \| shares	2,000,000	2,000,000
Treasury stock value \| $	$ 100	$ 100
Hertz Global Holdings
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Preferred Stock, shares authorized \| shares	40,000,000	40,000,000
Preferred Stock, par value (in dollars per share) \| $ / shares		$ 0.01
Common Stock, shares authorized \| shares	400,000,000	400,000,000
Treasury stock value \| $	$ 100	$ 100
Hertz Global Holdings
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Stock split, conversion ratio	0.2	0.2	0.2

Equity and Earnings (Loss) Per Share - Hertz Global (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator:
Net income (loss) from continuing operations									$ (227)	$ 327	$ (474)
Net (income) loss attributable to noncontrolling interests									2	0	0
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent									(225)	327	(474)
Net income (loss) from discontinued operations									0	0	(17)
Net income (loss) attributable to Hertz Global									$ (225)	$ 327	$ (491)
Denominator:
Basic weighted average common shares (in shares)									84	83	84
Stock options, RSUs and PSUs (in shares)									0	0	0
Weighted average shares used to calculate diluted earnings per share (in shares)									84	83	84
Antidilutive stock options, RSUs, PSUs and conversion shares (in shares)									1	3	1
Earnings (loss) per share:
Basic earnings (loss) per share from continuing operations (in dollars per share)									$ (2.68)	$ 3.94	$ (5.65)
Basic earnings (loss) per share from discontinued operations (in dollars per share)									0.00	0.00	(0.20)
Basic earnings (loss) per share (in dollars per share)	$ (1.20)	$ 1.68	$ (0.75)	$ (2.43)	$ 7.42	$ 1.12	$ (1.90)	$ (2.69)	(2.68)	3.94	(5.85)
Diluted earnings (loss) per share from continuing operations (in dollars per share)									(2.68)	3.94	(5.65)
Diluted earnings (loss) per share from discontinued operations (in dollars per share)									0.00	0.00	(0.20)
Diluted earnings (loss) per share (in dollars per share)	$ (1.20)	$ 1.68	$ (0.75)	$ (2.43)	$ 7.42	$ 1.12	$ (1.90)	$ (2.69)	$ (2.68)	$ 3.94	$ (5.85)

Segment Information (Reportable Segments to Consolidated) (Details)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2018

USD ($)

Sep. 30, 2018

USD ($)

Jun. 30, 2018

USD ($)

Mar. 31, 2018

USD ($)

Dec. 31, 2017

USD ($)

Sep. 30, 2017

USD ($)

Jun. 30, 2017

USD ($)

Mar. 31, 2017

USD ($)

Dec. 31, 2018

USD ($)

segment

Dec. 31, 2017

USD ($)

Dec. 31, 2016

USD ($)

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

Number of reportable segments | segment

Depreciation of revenue earning vehicles and lease charges, net

$ 2,294

$ 2,758

$ 2,389

$ 2,063

$ 2,091

$ 2,572

$ 2,224

$ 1,916

$ 9,504

$ 8,803

2,690

2,798

2,601

218

240

265

739

637

624

(19)

(210)

12,419

11,336

12,419

11,336

778

840

778

840

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

^[1]

21,382

20,058

21,382

20,058

United States

7,211

6,620

6,690

10,235

9,149

10,235

9,149

678

725

678

725

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

17,144

15,912

17,144

15,912

Outside United States

2,293

2,183

2,113

2,184

2,187

2,184

2,187

100

115

100

115

4,238

4,146

4,238

4,146

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

Depreciation of revenue earning vehicles and lease charges, net

2,294

$ 2,758

$ 2,389

$ 2,063

2,091

$ 2,572

$ 2,224

$ 1,916

9,504

8,803

2,690

2,798

2,601

218

240

265

732

632

623

(12)

(205)

12,419

11,336

12,419

11,336

778

840

778

840

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

^[2]

21,382

20,058

21,382

20,058

Operating Segments

Operating Segments | The Hertz Corporation

560

296

564

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

Operating Segments | U.S. Car Rental

560

296

564

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

Depreciation of revenue earning vehicles and lease charges, net

6,480

5,994

6,114

1,678

1,904

1,753

159

181

198

144

132

154

262

298

8,793

7,761

8,793

7,761

564

602

564

602

Revenue earning vehicles and capital assets, non-vehicle

13,983

12,785

13,983

12,785

(8,597)

(6,837)

(7,376)

5,570

4,882

6,010

Operating Segments | U.S. Car Rental | The Hertz Corporation

(3,027)

(1,955)

(1,366)

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

Operating Segments | International Car Rental

262

298

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

Depreciation of revenue earning vehicles and lease charges, net

2,276

2,169

2,097

448

416

389

113

204

203

194

2,146

2,153

2,146

2,153

100

115

100

115

Revenue earning vehicles and capital assets, non-vehicle

4,057

3,971

4,057

3,971

(3,191)

(3,144)

(2,868)

2,755

2,606

2,504

Operating Segments | International Car Rental | The Hertz Corporation

(436)

(538)

(364)

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

Operating Segments | All Other Operations

204

203

194

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

Depreciation of revenue earning vehicles and lease charges, net

748

640

592

564

478

459

1,480

1,422

1,480

1,422

Revenue earning vehicles and capital assets, non-vehicle

1,843

1,700

1,843

1,700

(807)

(735)

(729)

176

182

209

Operating Segments | All Other Operations | The Hertz Corporation

(631)

(553)

(520)

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

Corporate

455

406

390

(579)

(506)

(499)

105

112

105

112

Revenue earning vehicles and capital assets, non-vehicle

$ 1,499

$ 1,602

1,499

1,602

(75)

(53)

(33)

Corporate | The Hertz Corporation

(73)

(49)

(18)

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

(7)

(5)

(1)

Segment Reconciling Items | The Hertz Corporation

(572)

(501)

(498)

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

$ 7

$ 5

$ 1

[1]

[2]

Segment Information (Pre-tax Income) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended								12 Months Ended
	Sep. 30, 2017	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Apr. 30, 2018
Revenue earning equipment
Adjusted pretax income										$ (19.0)	$ (210.0)	$ 65.0
Income (loss) from continuing operations before income taxes		$ (120.0)	$ 181.0	$ (86.0)	$ (231.0)	$ (179.0)	$ 143.0	$ (245.0)	$ (294.0)	(257.0)	(575.0)	(470.0)
Loss on extinguishment of debt										22.0	13.0	55.0
Impairment losses during the period						$ 172.0
Impairment charges and asset write-downs										0.0	116.0	340.0
Gain (Loss) on Sale of Investments										$ 20.0	3.0	84.0
Realized gain (loss) on disposal											$ 4.0
European Securitization, Due January 2019
Revenue earning equipment
Interest rate													4.375%
4.25% Senior Notes due April 2018
Revenue earning equipment
Interest rate		6.75%				4.25%		4.25%		6.75%	4.25%
6.75% Senior Notes due April 2019
Revenue earning equipment
Interest rate		6.75%								6.75%
Trade name
Revenue earning equipment
Impairment of indefinite-lived intangible assets												120.0
Purchase accounting
Revenue earning equipment
Income (loss) from continuing operations before income taxes										$ (62.0)	$ (62.0)	(65.0)
Debt-related charges
Revenue earning equipment
Income (loss) from continuing operations before income taxes										(50.0)	(47.0)	(48.0)
Restructuring charges
Revenue earning equipment
Income (loss) from continuing operations before income taxes										(32.0)	(22.0)	(53.0)
Loss on extinguishment of debt
Revenue earning equipment
Income (loss) from continuing operations before income taxes										(22.0)	(13.0)	(55.0)
Sale of CAR, Inc. common stock
Revenue earning equipment
Income (loss) from continuing operations before income taxes										0.0	3.0	84.0
Impairment charges
Revenue earning equipment
Income (loss) from continuing operations before income taxes										0.0	(118.0)	(340.0)
Finance and Information Technology Transformation Costs
Revenue earning equipment
Income (loss) from continuing operations before income taxes										(98.0)	(68.0)	(53.0)
Other
Revenue earning equipment
Income (loss) from continuing operations before income taxes										26.0	(38.0)	(5.0)
Direct vehicle and operating \| Equipment
Revenue earning equipment
Impairment charges and asset write-downs											25.0
U.S. Car Rental \| Trade name
Revenue earning equipment
Impairment of indefinite-lived intangible assets											86.0
Corporate
Revenue earning equipment
Adjusted pretax income										(579.0)	(506.0)	(499.0)
Operating Segments
Revenue earning equipment
Adjusted pretax income										560.0	296.0	564.0
Operating Segments \| U.S. Car Rental
Revenue earning equipment
Adjusted pretax income										262.0	13.0	298.0
Operating Segments \| International Car Rental
Revenue earning equipment
Adjusted pretax income										204.0	203.0	194.0
Operating Segments \| All Other Operations
Revenue earning equipment
Adjusted pretax income										94.0	80.0	72.0
The Hertz Corporation
Revenue earning equipment
Adjusted pretax income										(12.0)	(205.0)	66.0
Income (loss) from continuing operations before income taxes		$ (118.0)	$ 183.0	(84.0)	$ (230.0)	$ (178.0)	$ 144.0	$ (244.0)	(293.0)	(250.0)	(570.0)	(469.0)
Loss on extinguishment of debt										22.0	13.0	55.0
Impairment charges and asset write-downs										0.0	116.0	340.0
Gain (Loss) on Sale of Investments				20.0							3.0	84.0
The Hertz Corporation \| Purchase accounting
Revenue earning equipment
Income (loss) from continuing operations before income taxes										(62.0)	(62.0)	(65.0)
The Hertz Corporation \| Debt-related charges
Revenue earning equipment
Income (loss) from continuing operations before income taxes										(50.0)	(47.0)	(48.0)
The Hertz Corporation \| Restructuring charges
Revenue earning equipment
Income (loss) from continuing operations before income taxes										(32.0)	(22.0)	(53.0)
The Hertz Corporation \| Loss on extinguishment of debt
Revenue earning equipment
Income (loss) from continuing operations before income taxes										(22.0)	(13.0)	(55.0)
The Hertz Corporation \| Loss on extinguishment of debt \| 4.25% Senior Notes due April 2018
Revenue earning equipment
Income (loss) from continuing operations before income taxes										6.0
The Hertz Corporation \| Loss on extinguishment of debt \| Senior Revolving Credit Facility
Revenue earning equipment
Write off of deferred debt issuance cost										7.0
The Hertz Corporation \| Loss on extinguishment of debt \| 7.50% Senior Notes due October 2018
Revenue earning equipment
Write off of deferred debt issuance cost											27.0
The Hertz Corporation \| Loss on extinguishment of debt \| 6.75% Senior Notes due April 2019
Revenue earning equipment
Write off of deferred debt issuance cost											22.0
The Hertz Corporation \| Sale of CAR, Inc. common stock
Revenue earning equipment
Income (loss) from continuing operations before income taxes										0.0	3.0	84.0
The Hertz Corporation \| Impairment charges
Revenue earning equipment
Income (loss) from continuing operations before income taxes										0.0	(118.0)	(340.0)
The Hertz Corporation \| Finance and Information Technology Transformation Costs
Revenue earning equipment
Income (loss) from continuing operations before income taxes										(98.0)	(68.0)	(53.0)
The Hertz Corporation \| Other
Revenue earning equipment
Income (loss) from continuing operations before income taxes										26.0	(38.0)	(5.0)
Claims paid											5.0
Other Noninterest Expense											8.0
The Hertz Corporation \| Corporate
Revenue earning equipment
Adjusted pretax income										(572.0)	(501.0)	(498.0)
The Hertz Corporation \| Operating Segments
Revenue earning equipment
Adjusted pretax income										560.0	296.0	564.0
The Hertz Corporation \| Operating Segments \| U.S. Car Rental
Revenue earning equipment
Adjusted pretax income										262.0	13.0	298.0
The Hertz Corporation \| Operating Segments \| International Car Rental
Revenue earning equipment
Adjusted pretax income										204.0	203.0	194.0
The Hertz Corporation \| Operating Segments \| All Other Operations
Revenue earning equipment
Adjusted pretax income										94.0	80.0	72.0
Governmental Investigations
Revenue earning equipment
Litigation settlement amount										16.0
Governmental Investigations \| Herc Holdings
Revenue earning equipment
Litigation settlement amount										13.6
Eminent Domain Case \| The Hertz Corporation \| Other
Revenue earning equipment
Income (loss) from continuing operations before income taxes												9.0
Vehicles
Revenue earning equipment
Loss on extinguishment of debt										$ 22.0	0.0	6.0
Fair Value, Measurements, Nonrecurring
Revenue earning equipment
Other than temporary impairment									$ 30.0
Realized gain (loss) on disposal	$ 4.0
Fair Value, Measurements, Nonrecurring \| Brazil Operations
Revenue earning equipment
Gain (Loss) on disposal				$ 6.0							6.0
Brazil Operations \| Direct vehicle and operating \| Held-for-sale \| Equipment
Revenue earning equipment
Impairment charges and asset write-downs												$ 18.0
Hurricane \| The Hertz Corporation \| Other
Revenue earning equipment
Claims paid											$ 16.0

Guarantor and Non-Guarantor Annual Condensed Consolidating Financial Information (Balance Sheet) (Details) - USD ($)
$ in Millions

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Jun. 30, 2016

Dec. 31, 2015

ASSETS

$ 1,072

Total cash, cash equivalents, restricted cash and restricted cash equivalents

$ 283

432

1,410

1,504

$ 1,094

$ 807

1,587

1,365

$ 102

902

687

12,419

11,336

778

840

3,203

3,242

1,083

1,084

1,081

^[1]

21,382

20,058

988

946

1,304

920

136

160

16,324

14,865

418

427

1,092

1,220

^[1]

20,262

18,538

1,061

1,520

1,120

1,520

1,075

2,019

21,382

20,058

Eliminations

ASSETS

Total cash, cash equivalents, restricted cash and restricted cash equivalents

(17,935)

(16,734)

(4,264)

(3,399)

(9,174)

(9,231)

(31,373)

(29,364)

(17,935)

(16,734)

(2,305)

(2,173)

(1,959)

(1,226)

(22,199)

(20,133)

(9,174)

(9,174)

(9,231)

Parent (The Hertz Corporation)

(31,373)

(29,364)

ASSETS

576

686

Total cash, cash equivalents, restricted cash and restricted cash equivalents

137

225

713

911

421

366

3,522

3,373

4,863

3,747

421

352

590

639

7,648

7,966

160

141

102

18,440

17,597

11,351

10,368

388

375

823

473

4,567

4,619

185

165

17,381

16,077

1,059

1,059

1,520

18,440

17,597

Guarantor Subsidiaries

ASSETS

Total cash, cash equivalents, restricted cash and restricted cash equivalents

174

167

5,312

4,567

1,526

1,265

3,039

3,091

943

944

11,104

10,150

2,306

2,156

1,729

1,451

4,257

3,830

6,847

6,847

6,320

Non-Guarantor Subsidiaries

11,104

10,150

ASSETS

548

377

Total cash, cash equivalents, restricted cash and restricted cash equivalents

138

200

686

577

992

832

9,101

8,794

269

302

11,997

10,982

124

140

23,211

21,675

4,278

4,210

503

479

412

374

2,359

2,235

11,757

10,246

192

225

1,324

995

20,825

18,764

2,327

2,386

2,911

23,211

21,675

ASSETS

1,127

1,072

Total cash, cash equivalents, restricted cash and restricted cash equivalents

283

432

1,410

1,504

1,094

807

1,587

1,365

902

687

12,419

11,336

778

840

3,203

3,242

1,083

1,084

^[2]

21,382

20,058

988

946

1,304

920

136

160

16,324

14,865

418

427

1,094

1,220

^[2]

20,264

18,538

1,059

1,520

1,118

1,520

1,075

1,948

The Hertz Corporation | Eliminations

$ 21,382

20,058

ASSETS

Total cash, cash equivalents, restricted cash and restricted cash equivalents

The Hertz Corporation | Parent (The Hertz Corporation)

ASSETS

Total cash, cash equivalents, restricted cash and restricted cash equivalents

911

511

236

The Hertz Corporation | Guarantor Subsidiaries

ASSETS

Total cash, cash equivalents, restricted cash and restricted cash equivalents

The Hertz Corporation | Non-Guarantor Subsidiaries

ASSETS

Total cash, cash equivalents, restricted cash and restricted cash equivalents

$ 577

$ 565

$ 551

[1]

[2]

Guarantor and Non-Guarantor Annual Condensed Consolidating Financial Information (Statement of Operations and Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Financial Statements, Captions [Line Items]
Total revenues	$ 2,294	$ 2,758	$ 2,389	$ 2,063	$ 2,091	$ 2,572	$ 2,224	$ 1,916	$ 9,504	$ 8,803	$ 8,803
Expenses:
Direct vehicle and operating									5,355	4,958	4,932
Depreciation of revenue earning vehicles and lease charges, net									2,690	2,798	2,601
Selling, general and administrative									1,017	880	899
Interest expense, net									739	637	624
Goodwill and intangible asset impairments									0	86	292
Other (income) expense, net									(40)	19	(75)
Total expenses									9,761	9,378	9,273
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries	(120)	181	(86)	(231)	(179)	143	(245)	(294)	(257)	(575)	(470)
(Provision) benefit for taxes on income (loss) of continuing operations									30	902	(4)
Net income (loss)	(101)	141	(63)	(202)	616	93	(158)	(223)	(227)	327	(491)
Net (income) loss attributable to noncontrolling interests									2	0	0
Net income (loss) attributable to Hertz Global									(225)	327	(491)
Net income (loss) from continuing operations									(227)	327	(474)
Net income (loss) from discontinued operations									0	0	(17)
Total comprehensive income (loss)									(290)	380	(520)
Other comprehensive income (loss), net of tax									(63)	53	(29)
Comprehensive income (loss) attributable to Hertz Global									(288)	380	(520)
The Hertz Corporation
Condensed Financial Statements, Captions [Line Items]
Total revenues	2,294	2,758	2,389	2,063	2,091	2,572	2,224	1,916	9,504	8,803	8,803
Expenses:
Direct vehicle and operating									5,355	4,958	4,932
Depreciation of revenue earning vehicles and lease charges, net									2,690	2,798	2,601
Selling, general and administrative									1,017	880	899
Interest expense, net									732	632	623
Goodwill and intangible asset impairments									0	86	292
Other (income) expense, net									(40)	19	(75)
Total expenses									9,754	9,373	9,272
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries	(118)	183	(84)	(230)	(178)	144	(244)	(293)	(250)	(570)	(469)
(Provision) benefit for taxes on income (loss) of continuing operations									28	902	(4)
Income (Loss) from Equity Method Investments									0	0	0
Net income (loss)	$ (99)	$ 142	$ (61)	$ (201)	$ 619	$ 94	$ (158)	$ (222)	(222)	332	(488)
Net (income) loss attributable to noncontrolling interests									2	0	0
Net income (loss) attributable to Hertz Global									(220)	332	(488)
Net income (loss) from continuing operations									(222)	332	(473)
Net income (loss) from discontinued operations									0	0	(15)
Total comprehensive income (loss)									(285)	385	(517)
Other comprehensive income (loss), net of tax									(63)	53	(29)
Comprehensive income (loss) attributable to Hertz Global									(283)	385	(517)
Eliminations
Condensed Financial Statements, Captions [Line Items]
Total revenues									(4,498)	(3,381)	(3,306)
Expenses:
Direct vehicle and operating									0	0	(1)
Depreciation of revenue earning vehicles and lease charges, net									(4,498)	(3,381)	(3,303)
Selling, general and administrative									0	0	(2)
Interest expense, net									0	0	0
Goodwill and intangible asset impairments										0	0
Other (income) expense, net									0	0	0
Total expenses									(4,498)	(3,381)	(3,306)
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries									0	0	0
(Provision) benefit for taxes on income (loss) of continuing operations									0	0	0
Income (Loss) from Equity Method Investments									(3,113)	(4,661)	(1,182)
Net income (loss)									(3,113)
Net (income) loss attributable to noncontrolling interests									0
Net income (loss) attributable to Hertz Global									(3,113)	(4,661)	(1,182)
Net income (loss) from continuing operations											(1,182)
Net income (loss) from discontinued operations											0
Total comprehensive income (loss)											(1,142)
Other comprehensive income (loss), net of tax									40	(28)	40
Comprehensive income (loss) attributable to Hertz Global									(3,073)	(4,689)
Parent (The Hertz Corporation)
Condensed Financial Statements, Captions [Line Items]
Total revenues									4,769	4,361	4,604
Expenses:
Direct vehicle and operating									3,286	2,937	2,909
Depreciation of revenue earning vehicles and lease charges, net									4,268	3,157	2,766
Selling, general and administrative									681	612	602
Interest expense, net									416	400	407
Goodwill and intangible asset impairments										0	0
Other (income) expense, net									(33)	30	6
Total expenses									8,618	7,136	6,690
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries									(3,849)	(2,775)	(2,086)
(Provision) benefit for taxes on income (loss) of continuing operations									807	(925)	682
Income (Loss) from Equity Method Investments									2,822	4,032	916
Net income (loss)									(220)
Net (income) loss attributable to noncontrolling interests									0
Net income (loss) attributable to Hertz Global									(220)	332	(488)
Net income (loss) from continuing operations											(488)
Net income (loss) from discontinued operations											0
Total comprehensive income (loss)											(517)
Other comprehensive income (loss), net of tax									(63)	53	(29)
Comprehensive income (loss) attributable to Hertz Global									(283)	385
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Total revenues									1,448	1,381	1,483
Expenses:
Direct vehicle and operating									711	698	761
Depreciation of revenue earning vehicles and lease charges, net									354	413	685
Selling, general and administrative									69	37	51
Interest expense, net									(155)	(105)	(58)
Goodwill and intangible asset impairments										86	120
Other (income) expense, net									0	0	(10)
Total expenses									979	1,129	1,549
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries									469	252	(66)
(Provision) benefit for taxes on income (loss) of continuing operations									(102)	311	(26)
Income (Loss) from Equity Method Investments									291	629	266
Net income (loss)									658
Net (income) loss attributable to noncontrolling interests									0
Net income (loss) attributable to Hertz Global									658	1,192	169
Net income (loss) from continuing operations											174
Net income (loss) from discontinued operations											(5)
Total comprehensive income (loss)											176
Other comprehensive income (loss), net of tax									(7)	6	7
Comprehensive income (loss) attributable to Hertz Global									651	1,198
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Total revenues									7,785	6,442	6,022
Expenses:
Direct vehicle and operating									1,358	1,323	1,263
Depreciation of revenue earning vehicles and lease charges, net									2,566	2,609	2,453
Selling, general and administrative									267	231	248
Interest expense, net									471	337	274
Goodwill and intangible asset impairments										0	172
Other (income) expense, net									(7)	(11)	(71)
Total expenses									4,655	4,489	4,339
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries									3,130	1,953	1,683
(Provision) benefit for taxes on income (loss) of continuing operations									(677)	1,516	(660)
Income (Loss) from Equity Method Investments									0	0	0
Net income (loss)									2,453
Net (income) loss attributable to noncontrolling interests									2
Net income (loss) attributable to Hertz Global									2,455	3,469	1,013
Net income (loss) from continuing operations											1,023
Net income (loss) from discontinued operations											(10)
Total comprehensive income (loss)											966
Other comprehensive income (loss), net of tax									(33)	22	$ (47)
Comprehensive income (loss) attributable to Hertz Global									$ 2,422	$ 3,491

Guarantor and Non-Guarantor Annual Condensed Consolidating Financial Information (Statement of Cash Flows) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 2,556	$ 2,394	$ 2,529
Cash flows from investing activities:
Revenue earning vehicles expenditures	(12,493)	(10,596)	(10,872)
Proceeds from disposal of revenue earning vehicles	8,452	7,653	8,679
Capital asset expenditures, non-vehicle	(177)	(173)	(134)
Proceeds from property and other equipment disposed of or to be disposed of	51	21	59
Proceeds from sale of Brazil Operations, net of retained cash	0	94	0
Payments to Acquire Investments	60	0	0
Sales of marketable securities	36	9	267
Payments for (Proceeds from) Businesses and Interest in Affiliates	0	(7)	45
Acquisitions, net of cash acquired	(2)	(15)	(2)
Other	(4)	0	0
Net cash provided by (used in) investing activities	(4,197)	(3,000)	(2,048)
Cash flows from financing activities:
Payment of financing costs	(47)	(59)	(75)
Early redemption premium payment	(19)	(5)	(27)
Transfers from discontinued entities	0	0	2,122
Other	(2)	0	12
Contributions from noncontrolling interests	60	0	0
Net cash provided by (used in) financing activities	1,561	988	(183)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations	(14)	28	(11)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period from continuing operations	(94)	410	287
Cash flows provided by (used in) operating activities	0	0	205
Cash flows provided by (used in) investing activities	0	0	(77)
Cash flows provided by (used in) financing activities	0	0	(97)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations	0	0	31
Total cash, cash equivalents, restricted cash and restricted cash equivalents	1,410	1,504	1,094	$ 807
Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	14,009	10,756	9,692
Repayments of debt	(12,426)	(10,244)	(9,748)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period from continuing operations		0	0
Non-Vehicle Related Service
Cash flows from financing activities:
Proceeds from issuance of debt	557	2,100	2,592
Repayments of debt	(571)	(1,560)	(4,651)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period from continuing operations			0
Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(2,594)
Cash flows from investing activities:
Revenue earning vehicles expenditures	0
Proceeds from disposal of revenue earning vehicles	0
Capital asset expenditures, non-vehicle	0
Proceeds from property and other equipment disposed of or to be disposed of	0
Payments to Acquire Investments	0
Sales of marketable securities	0
Acquisitions, net of cash acquired	0
Other	0
Capital contributions to subsidiaries	3,178
Return of capital from subsidiaries	(2,832)
Net cash provided by (used in) investing activities	346
Cash flows from financing activities:
Payment of financing costs	0
Early redemption premium payment	0
Capital contributions received from parent	(3,178)
Payment of dividends and return of capital	5,426
Advances to Hertz Global/Old Hertz Holdings	0
Contributions from noncontrolling interests	0
Net cash provided by (used in) financing activities	2,248
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations	0
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period from continuing operations	0
Total cash, cash equivalents, restricted cash and restricted cash equivalents	0	0
Eliminations \| Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	0	0
Repayments of debt	0	0
Eliminations \| Non-Vehicle Related Service
Cash flows from financing activities:
Proceeds from issuance of debt	0	0
Repayments of debt	0	0
Parent (The Hertz Corporation)
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	468
Cash flows from investing activities:
Revenue earning vehicles expenditures	(408)
Proceeds from disposal of revenue earning vehicles	276
Capital asset expenditures, non-vehicle	(134)
Proceeds from property and other equipment disposed of or to be disposed of	36
Payments to Acquire Investments	60
Sales of marketable securities	36
Acquisitions, net of cash acquired	(2)
Other	0
Capital contributions to subsidiaries	(3,178)
Return of capital from subsidiaries	2,832
Net cash provided by (used in) investing activities	(602)
Cash flows from financing activities:
Payment of financing costs	(1)
Early redemption premium payment	0
Capital contributions received from parent	0
Payment of dividends and return of capital	0
Advances to Hertz Global/Old Hertz Holdings	(9)
Contributions from noncontrolling interests	0
Net cash provided by (used in) financing activities	(64)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations	0
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period from continuing operations	(198)
Total cash, cash equivalents, restricted cash and restricted cash equivalents	713	911
Parent (The Hertz Corporation) \| Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	2,328	1,789
Repayments of debt	(2,368)	(1,796)
Parent (The Hertz Corporation) \| Non-Vehicle Related Service
Cash flows from financing activities:
Proceeds from issuance of debt	557	2,100
Repayments of debt	(571)	(1,560)
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	5
Cash flows from investing activities:
Revenue earning vehicles expenditures	0
Proceeds from disposal of revenue earning vehicles	0
Capital asset expenditures, non-vehicle	(10)
Proceeds from property and other equipment disposed of or to be disposed of	0
Payments to Acquire Investments	0
Sales of marketable securities	0
Acquisitions, net of cash acquired	0
Other	0
Capital contributions to subsidiaries	0
Return of capital from subsidiaries	0
Net cash provided by (used in) investing activities	(10)
Cash flows from financing activities:
Payment of financing costs	0
Early redemption premium payment	0
Capital contributions received from parent	0
Payment of dividends and return of capital	0
Advances to Hertz Global/Old Hertz Holdings	0
Contributions from noncontrolling interests	0
Net cash provided by (used in) financing activities	0
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations	0
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period from continuing operations	(5)
Total cash, cash equivalents, restricted cash and restricted cash equivalents	11	16
Guarantor Subsidiaries \| Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	0	0
Repayments of debt	0	0
Guarantor Subsidiaries \| Non-Vehicle Related Service
Cash flows from financing activities:
Proceeds from issuance of debt	0	0
Repayments of debt	0	0
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	4,684
Cash flows from investing activities:
Revenue earning vehicles expenditures	(12,085)
Proceeds from disposal of revenue earning vehicles	8,176
Capital asset expenditures, non-vehicle	(33)
Proceeds from property and other equipment disposed of or to be disposed of	15
Payments to Acquire Investments	0
Sales of marketable securities	0
Acquisitions, net of cash acquired	0
Other	(4)
Capital contributions to subsidiaries	0
Return of capital from subsidiaries	0
Net cash provided by (used in) investing activities	(3,931)
Cash flows from financing activities:
Payment of financing costs	(46)
Early redemption premium payment	(19)
Capital contributions received from parent	3,178
Payment of dividends and return of capital	(5,426)
Advances to Hertz Global/Old Hertz Holdings	0
Contributions from noncontrolling interests	60
Net cash provided by (used in) financing activities	(630)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations	(14)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period from continuing operations	109
Total cash, cash equivalents, restricted cash and restricted cash equivalents	686	577
Non-Guarantor Subsidiaries \| Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	11,681	8,967
Repayments of debt	(10,058)	(8,448)
Non-Guarantor Subsidiaries \| Non-Vehicle Related Service
Cash flows from financing activities:
Proceeds from issuance of debt	0	0
Repayments of debt	0	0
The Hertz Corporation
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	2,563	2,399	2,530
Cash flows from investing activities:
Revenue earning vehicles expenditures	(12,493)		(10,872)
Proceeds from disposal of revenue earning vehicles	8,452	7,653	8,679
Capital asset expenditures, non-vehicle	(177)	(173)	(134)
Proceeds from property and other equipment disposed of or to be disposed of	51	21	59
Proceeds from sale of Brazil Operations, net of retained cash	0	94	0
Payments to Acquire Investments	60
Sales of marketable securities	36	9	267
Payments for (Proceeds from) Businesses and Interest in Affiliates	0	(7)	45
Acquisitions, net of cash acquired	(2)	(15)	(2)
Other	(4)	0	0
Capital contributions to subsidiaries	0	0	0
Return of capital from subsidiaries	0	0	0
Loan to Parent/Guarantor from Non-Guarantor		0	0
Net cash provided by (used in) investing activities	(4,197)	(3,000)	(2,048)
Cash flows from financing activities:
Payment of financing costs	(47)	(59)
Early redemption premium payment	(19)	(5)	(27)
Transfers from discontinued entities	0	0	2,122
Capital contributions received from parent	0	0	0
Loan to Parent/Guarantor from Non-Guarantor		0	0
Payment of dividends and return of capital	0	0	0
Advances to Hertz Global/Old Hertz Holdings	(9)	(6)	(102)
Other	0	1	13
Contributions from noncontrolling interests	60
Net cash provided by (used in) financing activities	1,554	983	(184)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations	(14)	28	(11)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period from continuing operations	(94)	410	287
Cash flows provided by (used in) operating activities	0	0	207
Cash flows provided by (used in) investing activities	0	0	(77)
Cash flows provided by (used in) financing activities	0	0	(94)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations	0	0	36
Total cash, cash equivalents, restricted cash and restricted cash equivalents	1,410	1,504	1,094	807
The Hertz Corporation \| Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	14,009	10,756	9,692
Repayments of debt	(12,426)	(10,244)	(9,748)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period from continuing operations		0	0
The Hertz Corporation \| Non-Vehicle Related Service
Cash flows from investing activities:
Revenue earning vehicles expenditures		(10,596)
Cash flows from financing activities:
Proceeds from issuance of debt	557	2,100	2,592
Repayments of debt	$ (571)	(1,560)	(4,651)
Payment of financing costs			(75)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period from continuing operations			0
The Hertz Corporation \| Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		(1,376)	(814)
Cash flows from investing activities:
Revenue earning vehicles expenditures			0
Proceeds from disposal of revenue earning vehicles		0	0
Capital asset expenditures, non-vehicle		0	0
Proceeds from property and other equipment disposed of or to be disposed of		0	0
Proceeds from sale of Brazil Operations, net of retained cash		0
Sales of marketable securities		0	0
Payments for (Proceeds from) Businesses and Interest in Affiliates		0	0
Acquisitions, net of cash acquired			0
Other		0
Capital contributions to subsidiaries		2,979	2,368
Return of capital from subsidiaries		(2,861)	(3,585)
Loan to Parent/Guarantor from Non-Guarantor		(19)	1,055
Net cash provided by (used in) investing activities		99	(162)
Cash flows from financing activities:
Payment of financing costs		0
Early redemption premium payment		0	0
Transfers from discontinued entities			0
Capital contributions received from parent		(2,979)	(2,368)
Loan to Parent/Guarantor from Non-Guarantor		19	(1,055)
Payment of dividends and return of capital		4,237	4,399
Advances to Hertz Global/Old Hertz Holdings		0	0
Other		0	0
Net cash provided by (used in) financing activities		1,277	976
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations		0	0
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period from continuing operations		0	0
Cash flows provided by (used in) operating activities			0
Cash flows provided by (used in) investing activities			0
Cash flows provided by (used in) financing activities			0
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations			0
Total cash, cash equivalents, restricted cash and restricted cash equivalents		0	0	0
The Hertz Corporation \| Eliminations \| Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt			0
Repayments of debt			0
The Hertz Corporation \| Eliminations \| Non-Vehicle Related Service
Cash flows from investing activities:
Revenue earning vehicles expenditures		0
Cash flows from financing activities:
Proceeds from issuance of debt			0
Repayments of debt			0
Payment of financing costs			0
The Hertz Corporation \| Parent (The Hertz Corporation)
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		246	(1,892)
Cash flows from investing activities:
Revenue earning vehicles expenditures			(342)
Proceeds from disposal of revenue earning vehicles		213	417
Capital asset expenditures, non-vehicle		(122)	(80)
Proceeds from property and other equipment disposed of or to be disposed of		7	35
Proceeds from sale of Brazil Operations, net of retained cash		0
Sales of marketable securities		0	0
Payments for (Proceeds from) Businesses and Interest in Affiliates		(7)	45
Acquisitions, net of cash acquired			0
Other		0
Capital contributions to subsidiaries		(2,979)	(2,368)
Return of capital from subsidiaries		2,861	3,585
Loan to Parent/Guarantor from Non-Guarantor		0	0
Net cash provided by (used in) investing activities		(327)	1,202
Cash flows from financing activities:
Payment of financing costs		(23)
Early redemption premium payment		(5)	(27)
Transfers from discontinued entities			2,122
Capital contributions received from parent		0	0
Loan to Parent/Guarantor from Non-Guarantor		(19)	1,055
Payment of dividends and return of capital		0	0
Advances to Hertz Global/Old Hertz Holdings		(6)	(102)
Other		1	13
Net cash provided by (used in) financing activities		481	965
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations		0	0
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period from continuing operations		400	275
Cash flows provided by (used in) operating activities			0
Cash flows provided by (used in) investing activities			0
Cash flows provided by (used in) financing activities			0
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations			0
Total cash, cash equivalents, restricted cash and restricted cash equivalents		911	511	236
The Hertz Corporation \| Parent (The Hertz Corporation) \| Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt			716
Repayments of debt			(707)
The Hertz Corporation \| Parent (The Hertz Corporation) \| Non-Vehicle Related Service
Cash flows from investing activities:
Revenue earning vehicles expenditures		(314)
Cash flows from financing activities:
Proceeds from issuance of debt			2,592
Repayments of debt			(4,651)
Payment of financing costs			(46)
The Hertz Corporation \| Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		28	85
Cash flows from investing activities:
Revenue earning vehicles expenditures			(69)
Proceeds from disposal of revenue earning vehicles		0	0
Capital asset expenditures, non-vehicle		(11)	(16)
Proceeds from property and other equipment disposed of or to be disposed of		0	1
Proceeds from sale of Brazil Operations, net of retained cash		0
Sales of marketable securities		0	0
Payments for (Proceeds from) Businesses and Interest in Affiliates		0	0
Acquisitions, net of cash acquired			0
Other		(10)
Capital contributions to subsidiaries		0	0
Return of capital from subsidiaries		0	0
Loan to Parent/Guarantor from Non-Guarantor		0	0
Net cash provided by (used in) investing activities		(26)	(84)
Cash flows from financing activities:
Payment of financing costs		(4)
Early redemption premium payment		0	0
Transfers from discontinued entities			0
Capital contributions received from parent		0	0
Loan to Parent/Guarantor from Non-Guarantor		0	0
Payment of dividends and return of capital		0	0
Advances to Hertz Global/Old Hertz Holdings		0	0
Other		0	0
Net cash provided by (used in) financing activities		(4)	(3)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations		0	0
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period from continuing operations		(2)	(2)
Cash flows provided by (used in) operating activities			59
Cash flows provided by (used in) investing activities			(75)
Cash flows provided by (used in) financing activities			44
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations			28
Total cash, cash equivalents, restricted cash and restricted cash equivalents		16	18	20
The Hertz Corporation \| Guarantor Subsidiaries \| Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt			0
Repayments of debt			0
The Hertz Corporation \| Guarantor Subsidiaries \| Non-Vehicle Related Service
Cash flows from investing activities:
Revenue earning vehicles expenditures		(5)
Cash flows from financing activities:
Proceeds from issuance of debt			0
Repayments of debt			0
Payment of financing costs			(3)
The Hertz Corporation \| Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		3,501	5,151
Cash flows from investing activities:
Revenue earning vehicles expenditures			(10,461)
Proceeds from disposal of revenue earning vehicles		7,440	8,262
Capital asset expenditures, non-vehicle		(40)	(38)
Proceeds from property and other equipment disposed of or to be disposed of		14	23
Proceeds from sale of Brazil Operations, net of retained cash		94
Sales of marketable securities		9	267
Payments for (Proceeds from) Businesses and Interest in Affiliates		0	0
Acquisitions, net of cash acquired			(2)
Other		(5)
Capital contributions to subsidiaries		0	0
Return of capital from subsidiaries		0	0
Loan to Parent/Guarantor from Non-Guarantor		19	(1,055)
Net cash provided by (used in) investing activities		(2,746)	(3,004)
Cash flows from financing activities:
Payment of financing costs		(32)
Early redemption premium payment		0	0
Transfers from discontinued entities			0
Capital contributions received from parent		2,979	2,368
Loan to Parent/Guarantor from Non-Guarantor		0	0
Payment of dividends and return of capital		(4,237)	(4,399)
Advances to Hertz Global/Old Hertz Holdings		0	0
Other		0	0
Net cash provided by (used in) financing activities		(771)	(2,122)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents from continuing operations		28	(11)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period from continuing operations		12	14
Cash flows provided by (used in) operating activities			148
Cash flows provided by (used in) investing activities			(2)
Cash flows provided by (used in) financing activities			(138)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations			8
Total cash, cash equivalents, restricted cash and restricted cash equivalents		577	565	$ 551
The Hertz Corporation \| Non-Guarantor Subsidiaries \| Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt			8,976
Repayments of debt			(9,041)
The Hertz Corporation \| Non-Guarantor Subsidiaries \| Non-Vehicle Related Service
Cash flows from investing activities:
Revenue earning vehicles expenditures		$ (10,277)
Cash flows from financing activities:
Proceeds from issuance of debt			0
Repayments of debt			0
Payment of financing costs			$ (26)

Subsequent Events Subsequent Events (Details) - USD ($) $ in Millions	Dec. 31, 2018	Apr. 30, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Outstanding principal	$ 2,500		$ 2,500
HVF II Series 2013-A Notes
Subsequent Event [Line Items]
Outstanding principal		$ 3,400

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Entity Information [Line Items]
Revenues	$ 2,294	$ 2,758	$ 2,389	$ 2,063	$ 2,091	$ 2,572	$ 2,224	$ 1,916	$ 9,504	$ 8,803	$ 8,803
Income (loss) from continuing operations before income taxes	(120)	181	(86)	(231)	(179)	143	(245)	(294)	(257)	(575)	(470)
Net income (loss)	$ (101)	$ 141	$ (63)	$ (202)	$ 616	$ 93	$ (158)	$ (223)	$ (227)	$ 327	$ (491)
Earnings (loss) per share:
Basic (in dollars per share)	$ (1.20)	$ 1.68	$ (0.75)	$ (2.43)	$ 7.42	$ 1.12	$ (1.90)	$ (2.69)	$ (2.68)	$ 3.94	$ (5.85)
Diluted (in dollars per share)	$ (1.20)	$ 1.68	$ (0.75)	$ (2.43)	$ 7.42	$ 1.12	$ (1.90)	$ (2.69)	$ (2.68)	$ 3.94	$ (5.85)
The Hertz Corporation
Entity Information [Line Items]
Revenues	$ 2,294	$ 2,758	$ 2,389	$ 2,063	$ 2,091	$ 2,572	$ 2,224	$ 1,916	$ 9,504	$ 8,803	$ 8,803
Income (loss) from continuing operations before income taxes	(118)	183	(84)	(230)	(178)	144	(244)	(293)	(250)	(570)	(469)
Net income (loss)	$ (99)	$ 142	$ (61)	$ (201)	$ 619	$ 94	$ (158)	$ (222)	$ (222)	$ 332	$ (488)

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Balance Sheet) (Details) - USD ($)
$ / shares in Units, $ in Millions

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

ASSETS

$ 1,072

^[1]

$ 21,382

20,058

Preferred stock, $0.01 par value, no shares issued and outstanding

Common stock, $0.01 par value, 86 and 86 shares issued, respectively and 84 and 84 shares outstanding, respectively

2,261

2,243

(909)

(506)

Treasury stock, at cost, 2 shares and 2 shares, respectively

(192)

(118)

(100)

Preferred Stock, par value (in dollars per share)

$ 1,061

$ 1,520

$ 0.01

Preferred Stock, shares issued

Preferred Stock, shares outstanding

Common Stock, par value (in dollars per share)

$ 0.01

Common Stock, shares issued

86,000,000

Common Stock, shares outstanding

84,000,000

Treasury stock, shares

2,000,000

Hertz Global Holdings

ASSETS

Investments in subsidiaries, net

$ 0

1,059

1,520

1,061

1,520

Preferred stock, $0.01 par value, no shares issued and outstanding

Common stock, $0.01 par value, 86 and 86 shares issued, respectively and 84 and 84 shares outstanding, respectively

2,261

2,243

(909)

(506)

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

(192)

(118)

1,161

1,620

Treasury stock, at cost, 2 shares and 2 shares, respectively

(100)